This paper attempts to fully examine the role of the Hindu Undivided Family (HUF) in India's capital accumulation regime, specifically its implications for modern corporate governance and tax systems. This topic has not been thoroughly researched, despite its importance for understanding capital accumulation in India since independence. The relationship between HUFs and business groups has also been largely unexplored, yet it is crucial for understanding the legal and regulatory frameworks that shape capital accumulation. The existence of HUF as both a family and a firm is what sets it apart from other institutional structures. The paper argues that HUFs use real estate capital and knowledge of India's landholdings to accumulate wealth. In India, personal income tax is levied on all individuals, HUFs, unregistered firms, and other associations.