Yes, and that is a Hindu Undivided Family (HUF). An HUF consists of the Karta as the head of family and all family members as coparceners. That means if an HUF consists of husband and wife, it will not become a separate assessee under income tax laws. Hence, this HUF will now become a tax-saving tool for the family. After standard deduction of 30% on the income from house property, the total taxable income of Sharma is ₹26.3 lakh.

Source: Mint August 15, 2021 18:56 UTC