Confused about Gift Deed & Affidavit - TO: Asivad, AnujGupta and other seniors!

[mithunio]

Hello seniors,

I got funds from my father using online bank transaction. But the problem is, the source account (which my father transferred the fund) is also in my name. I created that account when I first joined my first company. As my second company insisted to open another bank account (which they have tie-up with; this is normal in Indian IT companies), I asked my father to use my old account and I started to use my new account for my salary deposits and savings. He also closed his original account as we didn't like that bank.

Now the question: If I want to make Gift Deed and Affidavit, what I have to do? Is it necessary that we need to mention the source account number? If so, how can I explain all the aforementioned situations? I'm really stressed and confused my this problem! Please help!

Thanks in advance!

 

[Asivad Anac]

I don't understand how this is a gift. You've simply transferred money from one of your accounts to another. There is nothing to be explained here other than the fact that both these accounts belong to you.

 

[mithunio]

Yes, that's the problem I'm facing! Both are my accounts. But the money which was transferred are not mine but my dad's. Due to this, I cannot show "source of fund" to CIC as it is not my savings. I need to know how to explain this scenario to CIC while they ask for source? If I say I got that money from dad's, the source account is in my name. Or if I say that's my savings, that's not legal. So I'm confused! Can we do anything on this, Asivad?

 

[Asivad Anac]

Forget the source of funds.

You'll need to simply prove that your old account's 6 months average balance was roughly equal to its current balance BEFORE you transferred funds to your new account. If you can prove that, CIC wouldn't need any further evidence about these funds - they were in your account, they belonged to you, your moved them to another account and they still belong to you. Period.

 

[mithunio]

Thanks, Asivad. This makes sense! I'm relieved now!!!