Need help regrading POF - Having land in your name qualify as POF?

[Kumar2017]

Need help regrading POF - Having land (worth Rs.1000000) in your name qualify as POF?

Or do we need to have the money in Bank?

I have not yet started the PR Process. Do i need to do anything like open a bank account and transfer money to the account?

 

[DelPiero07]

No. It doesnt count.

 

[Kumar2017]

No. It doesnt count.

Do we need to have money in bank account? Should i transfer or arrange money right now before starting PR?

 

[DelPiero07]

You need to have the funds when submitting your e-APR after receiving your ITA.

 

[harrys147]

Do we need to have money in bank account? Should i transfer or arrange money right now before starting PR?

yes, if that is the only source of funds than sell the land and get all that money in bank account. you will still have to provide letter of explanation because it will be a big single transaction.

 

[Kumar2017]

yes, if that is the only source of funds than sell the land and get all that money in bank account. you will still have to provide letter of explanation because it will be a big single transaction.

Does having FD in bank count as POF? FD's from past years?

 

[harrys147]

Does having FD in bank count as POF? FD's from past years?

yes...FD's are good as POF...IF its not in your name than you have to make gift deed of affidavit..

 

[Kumar2017]

yes...FD's are good as POF...IF its not in your name than you have to make gift deed of affidavit..

thanks for the reply

 

[Kumar2017]

For submitting POF what documents do I need to submit for:

Saving/Current Account in Banks - ?
Fixed Deposit - ?
Provident Fund - ?
Mutual Fund - ?

 

[harrys147]

For submitting POF what documents do I need to submit for:
Assuming that all POF are under your name only...

Saving/Current Account in Banks - letter from bank, statements for past 6 months
(if funds are not for minimum past 6 months than you have to explain how or from where you got it in LoE)
Fixed Deposit - copy of deposit certificates, statements, letter from bank
Provident Fund - letter from bank, statements.
Mutual Fund - not sure if they consider it as POF

 

[Kumar2017]

Thanks for the reply,

If FD, Bank accounts, PF all form different banks. Will that cause any issue?

 

[harrys147]

Thanks for the reply,

If FD, Bank accounts, PF all form different banks. Will that cause any issue?

Nop. How can it be? They all are with bank after all.

 

[Kumar2017]

Nop. How can it be? They all are with bank after all.

Thanks for the reply