Background: U/s 4 of the Income Tax Act, 1961 income tax is payable by “every person”. U/s 2(31), Person is defined to include a Hindu Undivided Family (HUF). Section 3 of the Wealth Tax Act, 1957 also indicates that wealth is chargeable to tax in respect of net wealth of any HUF. Definition: The expression “Hindu Undivided Family” has not defined under the......
