Proof Of Funds - Gift Deed Timeline

[cancanada123]

Hi

I have a query on the proof of funds.

I have a bank account which i dont really use. Im going to show funds which i will get from my parents as a gift deed. Now my question is that over the past 6 months, the balance has been negligible.

If i show the gift deed and transfer the money in my account 1 month before applying, will that be OK considering that the past 6 month balance has been 0 Rs?

Regards

 

[achan88]

I don't think that will be an issue. You can show the transactions used to transfer the funds, along with the gift deed and affidavit documents. You can get an official letter from your bank showing your account history i.e. date when opened, average balance over the whole period, etc. Add the transaction details like transaction ID/cheque number in the affidavit from your parents. These documents should be enough. You can also add a letter of explanation while submitting the application detailing the specific information regarding your account.

 

[MARKOUMAGO]

I don't think that will be an issue. You can show the transactions used to transfer the funds, along with the gift deed and affidavit documents. You can get an official letter from your bank showing your account history i.e. date when opened, average balance over the whole period, etc. Add the transaction details like transaction ID/cheque number in the affidavit from your parents. These documents should be enough. You can also add a letter of explanation while submitting the application detailing the specific information regarding your account.

Dear friend,
Im in same situation, why should I have affidavit, when we already notarized gift deed ?

 

[achan88]

Dear friend,
Im in same situation, why should I have affidavit, when we already notarized gift deed ?

Hello,

Notarized gift deed is proof that you have received the funds as a gift from the person. However, it is also good to show that the person who is giving you the gift is doing so voluntarily, and they are independent and can sustain themselves even after providing you with the gift. The affidavit also can show the specific transaction IDs used to transfer the funds so that it is more black and white and there is no room for doubt. I got my gift deed and affidavit from my father, and I had also provided a net worth certificate for my father drafted by a CA to show that he is more than capable of being financially secure even after providing me with the funds.

See the affidavit format as below :


AFFIDAVIT

Dated : xx/xx/xxxx





I, (Name of Deponent) , s/o (Name of Deponent's Father), Residing at (Residential address), do hereby state as under:

1. That I gifted a sum of INR (Gift value) to my son, (Name of Receiver), via bank transfer (put the transaction type here) from my Savings account (Acct. num) at (Bank name) to his Savings account (Acct num) at (Bank name). The details of the transactions are as shown below
   

a) Transaction details

b) Transaction details (If multiple transactions, show different lines)

1. That I have gifted the said amount from my past savings from income and retirement benefits.
   
   
2. That I am an Income Tax assessee having PAN No. (Deponent's PAN num).
   

SIGNATURE

(Deponent)





Verification


I, (Name of Deponent), do hereby verify and confirm that the contents of the above deposition are correct and true and no material has been concealed therefrom.



SIGNATURE

(Deponent)

PLACE:

DATED:

 

[MARKOUMAGO]

Tnx !! The problem in my country is that u cannot transfer foreign currency from bank to bank, so my father take off the money in cash and gave it to me, and I right away put them on my bank account ( Both of us have printed transactions that we can show with the gift deed) I suppose its ok ) what do u think ?

 

[RGR]

Hi

I have a query on the proof of funds.

I have a bank account which i dont really use. Im going to show funds which i will get from my parents as a gift deed. Now my question is that over the past 6 months, the balance has been negligible.

If i show the gift deed and transfer the money in my account 1 month before applying, will that be OK considering that the past 6 month balance has been 0 Rs?

Regards

Hey, did you get your PR upon using Gift deed for POF. My agent informed me that Gift deeds or funds from parents can be negative for PR application. Is that true?

 

[CandaianDream]

Hi All, my father has taken a letter for his CPF which states he has x amount as balance and he can withdraw Y % of it anytime he wants and the same letter has been issued for his son's immigration process. Now my query is do I still need to get a gift deed and an affidavit made? What should be the content of the gift deed. Also will the above letter work since the money has not yet been transferred to my account yet

 

[keebs]

Hi All, my father has taken a letter for his CPF which states he has x amount as balance and he can withdraw Y % of it anytime he wants and the same letter has been issued for his son's immigration process. Now my query is do I still need to get a gift deed and an affidavit made? What should be the content of the gift deed. Also will the above letter work since the money has not yet been transferred to my account yet

The money needs to be transferred to your account. I believe this same thread has a gift deed sample in case you did not see it. Yes you need the gift deed and affidavit.

 

[Abhijeet19]

Hi

If my father transfers money through bank account as gift deed, will my account be charged tax?? If yes, how much tax will be charged.

 

[falcon_white1]

+1 on the previous query, also is it mandatory to transfer the gift deed amount to my account ?

 

[Buraira]

The money needs to be transferred to your account. I believe this same thread has a gift deed sample in case you did not see it. Yes you need the gift deed and affidavit.

Hello Everyone,

I want to know whether in case of Gift deed, the money should be transferred before or after the gift has been made?

 

[tobias_ripper]

Hello folks,

I'd really appreciate your help with the following:

1. Does anyone know if it is ok if Gift Deed dated later than the money transfer?

2. My father deposited cash to my account and the only proof I have is the bank statement showing that deposit. No proof that it was my father who actually made that transaction. Would this be a problem?

Thank you,

 

[imransyed]

Bump