income tax on minor

Gift to minor child not taxable. Secondly interest earn by him will be taxable in your hand as his income will be clubbed with your income. So, Interest will be clubbed in your income

I Too agree with the answer of Kirti S. Ganatra

Of course, the income of minor, when clubbed in the hands of parents is exempt upto Rs.1,500/- each child -- see sec 10 (32) as well as 64