Poonawalla fincorp
Poonawalla fincorp

Income of minor

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 September 2014 Minor gifted Rs. 500000 by a grand parent. The parent deposits the same in FD in the name of minor. In addition, the mother of the minor deposits Rs.1000 per month towards Recurring deposit in the same account. Is the income from above investment of Rs. 500000 taxable in the hands of parent?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
22 September 2014 Yes it will be taxed in the hands of parent till he becomes major.

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