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Minor income

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Querist : Anonymous (Querist)
28 July 2011 A minor child is gifted Rs. 100000/- by his maternal grandparents. The amount is put in a FD in the child's name and the child has his/her own PAN. Should the interest on this be clubbed with his parent's income every year? why?
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
28 July 2011 Yes it should be clubbed with the income of the parent whose income is higher.

Because the Income Tax Act says that minor income will be clubbed with parents.

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