Mutual fund investment in child name

50000 per year is allowed tax free as gift for minor from unrelated people.

If the same amount is invested in MF in name of minor with growth option i.e. no dividends will be received only capital appreciation.   The amount after maturity of few years is taxable to parent ? or amount after the child becames adult is tax free for him.

given - 80c benefit taken in some other scheme.

          amount invested in EEE category MF