A complete way to nail 'Source of fund' dilemma!

[Rolakeh]

It won't be a problem but it will help if you can also provide a valuation of your house.

So All I need do is attach a valuation and explain the dynamics in my LOE.?

 

[vishalg]

So All I need do is attach a valuation and explain the dynamics in my LOE.?

usually home loan doesn't impact the POF as it is a secured loan. But good to explain using LOE.

 

[Tara]

Hi vishalg, Could you please provide your suggestion on my last Question? Page number got changed since i posted, it might have missed your attention.

 

[vishalg]

Thanks Vishalg for breaking it down.

Just a followup: Once My dad takes the name of the FD account, I assume the account number etc should remain same, and the history is not lost for past 3-4 years. Does it matter that he has to keep the account for certain number of months (say 6) before the bank letter can be accepted by CIC as "my brother's" money?

I live in USA, and usually people use a gift affidavit to gift large amount of money to relatives. Most common scenario is home buying.

Will something like this with appropriate wording be sufficient?

EDIT - Not able to post the link to sample Gift Affidavit. Splitting the URL, please remove the spaces - Affidavit like this one - http :// www .planites .org/ pdf/ gift-letter.pdf).

if he has a separate account, you can transfer the funds in that account and make a gift deed (easier choice)
If the letter doesn't mention your father's name anywhere and bank can give the account opening date (original one) along with other relevant details, then this should also work.
The concept of 6 months average balance is primarily to find out whether you have taken any loan. If the account open date is less than 6 months then you have show the source of funds and prove that it is yours and not borrowed from any one. I will check the link when I'll use my laptop. Also, the notary guy will have a gift deed template with him.

 

[hsinxh]

Hi all, I just got my PPR and I wanted to thank Anujgupta for this information. It helped me immensely for filing my application successfully.

Just for the information of others in need, below is the list of documents that I submitted as a POF.

1. Letter from my bank (Punjab and Sind Bank) stating my Name, Account No. and Current Account Balance. (This letter is called as Balance Certificate)
2. Gift Deed From my Father containing the transfer details of money(like account no., cheque no, PAN card No.,).
3. Affidavit from my father.
4. Scanned copy of the cheque which was used to transfer funds in my account.
5. Six months statement of my account showing the transfer of money in my account through cheque.

Thats it guys. I did not submit the net worth certificates or the account statement of my father. I hope it helps.

 

[vishalg]

Hi all, I just got my PPR and I wanted to thank Anujgupta for this information. It helped me immensely for filing my application successfully.

Just for the information of others in need below is the list of documents that I submitted as a POF.

1. Letter from my bank (Punjab and Sind Bank) stating my Name, Account No. and Current Account Balance. (This letter is called as Balance Certificate)
2. Gift Deed From my Father containing the transfer details of money(like account no., cheque no, PAN card No.,).
3. Affidavit from my father.
4. Scanned copy of the cheque which was used to transfer funds in my account.
5. Six months statement of my account showing the transfer of money in my account through cheque.

Thats it guys. I did not submit the net worth certificates or the account statement of my father. I hope it helps.

congratulations and thank you for sharing this information
+1 to you

 

[Escobar Gaviria]

Thank you vishalg!

Your post is indeed helpfull for so many, including me.

I am in the same boat and planning on submitting all these docs.

I have one question though,

I am using two gift deeds, each above required amount, each supported by all these documents.
Thing is, one gift deed in from Pakistan, one is from US. My uncle has transfered required amount in my US account. and I am not in the US currently, I was there on a visitor visa and lived there for a year.

Is it advisable to use both?

 

[Joshi85]

if you are getting the funds from your sister, you have to upload the gift deed. It will be easier for her to transfer the sum to you in 1 go. Get the gift deed for these funds and proof of transfer and also her account statement (to be on safe side). Now the funds are in your account, you can make an FD or keep it in savings account.
[ Thanks vishalg]

 

[vishalg]

Thank you vishalg!

Your post is indeed helpfull for so many, including me.

I am in the same boat and planning on submitting all these docs.

I have one question though,

I am using two gift deeds, each above required amount, each supported by all these documents.
Thing is, one gift deed in from Pakistan, one is from US. My uncle has transfered required amount in my US account. and I am not in the US currently, I was there on a visitor visa and lived there for a year.

Is it advisable to use both?

Hi,
I did not understand your question completely
Are these gift deed for 2 different transactions?
If there is a single donor, then you can have one gift deed for multiple transactions ( better choice) or one gift deed per transaction.
If there are 2 donors then you should have one gift deed from each donor that mentions all the relevant transactions.
A gift deed generally has an acceptance of gift by Donee, so your signature is also mandatory.

 

[Cann2017]

ask him to signature declaration stating that he is okay with you utilising the funds for immigration. No need to make an FD, that is your choice.
If you haven't transferred the amount from his account, then also it is fine as he is accompanying you.
If he has transferred the funds in your account you need to show his account statement where you can prove the source of funds credited to your account.

My husband received this amount from his brother, who is in australia.
So is it necessary to get a gift deed from him to my husband?
Should he (brother)show his proof of funds?
Kindly Advice

 

[snaravane]

Great write-up!

Can I show my PF statement/balance along with other proofs (Bank Statement/Vested Stocks/FD)? My current PF balance is close to CAD 28,000/-

 

[vishalg]

My husband received this amount from his brother, who is in australia.
So is it necessary to get a gift deed from him to my husband?
Should he (brother)show his proof of funds?
Kindly Advice

yes, gift deed is required (if this sum was transferred within last 6 months)
a lot of people have uploaded the statement of donor but if you check (a post in this thread on last couple of pages) there is a post by a person who has received PPR, he has mentioned that he didn't upload the donor's account statement.

 

[Cann2017]

Thank you for the reply Vishalg,
I have another query.Kindly clarify

The funds required for 3 family members is CAD 18825. Today's conversion rate with indian rupee is 1CAD=Rs 49.18.
So will CIC calculate the POF for the day you submit e-APR or we have to forsee the fluctuations in conversion rate and include more amount(for eg.CAD 19000) in our account?
Please advice

 

[vishalg]

Thank you for the reply Vishalg,
I have another query.Kindly clarify

The funds required for 3 family members is CAD 18825. Today's conversion rate with indian rupee is 1CAD=Rs 49.18.
So will CIC calculate the POF for the day you submit e-APR or we have to forsee the fluctuations in conversion rate and include more amount(for eg.CAD 19000) in our account?
Please advice

That is still not clear, may be take a worst conversion rate (around 51) or keep 1000$ extra to manage fluctuations.

 

[vishalg]

Great write-up!

Can I show my PF statement/balance along with other proofs (Bank Statement/Vested Stocks/FD)? My current PF balance is close to CAD 28,000/-

EPF, savings account and FDs are accepted.
Stocks are not accepted until you redeem them.