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Clubbing of minor income in parents ITR

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Ajay l (Querist)
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25 April 2025 Hii..
My son is 2 years old. Usually during festival and other occasions he get gift (money) from relatives. Can i open bank account in his name and deposit cash in that account and use that money for LIC in his name?

Will it be clubbed in parents ITR?
Is their any other better investment option for children's?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 April 2025 Whatever way you use the money, clubbing provision will apply.
PPF account would be better option.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 September 2025 Good luck.....

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