Kartar Singh (40), his wife Sunita (35) and their children were headed to Jehangirabad town when their car was intercepted by the accused.
The assailants, around eight in number, opened fire, killing Singh on-the-spot and injuring his children.
Old enmity relating to the Pradhan elections at Dhosni village in 2010 is said to be the cause behind the crime, they said.
An FIR has been lodged and efforts are on to trace the accused.