When do minors have to pay tax on their income?
Typically, any income that minors get from investments is clubbed with a parent’s income
It is common to invest in your minor child’s name–be it making a fixed deposit (FD), buying an insurance policy or investing in Sukanya Samriddhi Scheme for a girl child. But what if any of these investments result in income, say interest from an FD? What are the tax implications on children’s income?