After murdering his parents with a sharp-edged weapon, the boy sprinkled kerosene on the bodies and set them on fire. He then fled from the spot.
The victims have been identified as Rampal, 45, and his wife Guddi. Rampal ran an agriculture business in Ulhera village in Sonipat district, some 40 km from Delhi.
Police were informed about the incident by the village headman.
"We are investigating the incident. The victims were sleeping when they were killed," said Deputy Superintendent of Police Balbir Singh.
Police have registered a case of murder against the accused and are conducting raids at various places to nab him.
"He had become addicted to liquor. He is absconding but we will arrest him soon," the officer said.