Income of minor
This query is : Resolved
Querist : Anonymous
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?
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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