Gift Deed

[JuanLott]

Hi All

I have a question regarding a gift deed.

Is it legal for my parent's to use money they borrowed from the bank as a loan or money they taking from a paid up mortgage to gift to me as my proof of funds?

 

[EE456]

As long as the loan is in your parents' name and only they are responsible for paying it back and only they will be paying it back, that shouldn't be a problem then.

 

[JuanLott]

As long as the loan is in your parents' name and only they are responsible for paying it back and only they will be paying it back, that shouldn't be a problem then.

Thank you

 

[thog89]

As long as the loan is in your parents' name and only they are responsible for paying it back and only they will be paying it back, that shouldn't be a problem then.

I am also in a similar situation. Should I tell CIC that the POF funds I received was through a loan taken my father ? The money came to my account like this: Father's loan account-->Father's savings account-->My savings account

Unless they ask for my father's account statement, they won't find it. So should I tell about the loan in LOE or Gift deed ?

 

[EE456]

Like I said, all you need is to have the money transferred from your father to you and get from him a gift deed. If he took a bank loan for that, it's his responsibility, not yours and that's what counts.

 

[kirushna]

Hi Experts,

I have received ITA on 3rd April.
I have got funds credited to my Joint account(I'm the Primary A/C holder, but includes my parents) through cash deposit from my father a month back. Now, as CIC wouldn't accept Joint Accounts, I'm planning to transfer it to my another account(Individual account).

Now my questions/confusions are to know which is the best option to do it:

1. As there is no proof that my Father has given me the money, should I withdraw from my Joint Account, put into my father's account and take it back to my Individual account using a Cheque?

2. Is it OK if I could get my Joint account changed to Individual Account and keep the funds there itself?

3. Is it OK if I just transfer the funds from my Joint account to Individual Account via Net banking as my Father is already present in it?

Kindly Help ASAP, Thank you!!

 

[The Magician]

Hi Experts,

I have received ITA on 3rd April.
I have got funds credited to my Joint account(I'm the Primary A/C holder, but includes my parents) through cash deposit from my father a month back. Now, as CIC wouldn't accept Joint Accounts, I'm planning to transfer it to my another account(Individual account).

Now my questions/confusions are to know which is the best option to do it:

1. As there is no proof that my Father has given me the money, should I withdraw from my Joint Account, put into my father's account and take it back to my Individual account using a Cheque?

2. Is it OK if I could get my Joint account changed to Individual Account and keep the funds there itself?

3. Is it OK if I just transfer the funds from my Joint account to Individual Account via Net banking as my Father is already present in it?

Kindly Help ASAP, Thank you!!

Bro what did you do? Please let me know as i am in the same situation.

 

[The Magician]

Can we have two gift deeds at same time? would that be a problem?