You transferred the money in your personal account as POF on what basis? Is it your share? Did you sell your share? Was the company sold and you got your share?.......... These are the questions, they will be asking.This family business is created by my husband and I but has his brother, me and my son as the directors and shareholders.
My husband is running the business even though he is not among the board of directors (reason because he is not allowed by law to be own or co-own a company as a civil or public servant in Nigeria).
Now we transferred the money from the company to my personal account to use as my POF as we believe if we submit the corporate account of the business, they might think is encumbered as there other shareholders (my brother inlaw).
Now we have the business registration documents, proof that I and my son are directors and company board resolution that all the directors met and agreed to give me this money (this will be notarized of course). So I am worried if this information is enough to show source of fund or are there any other documents that will be required from the company to proof source of fund?
There are two options.
1. Show this amount as part of your salary given you in advance to show as LICO or show that you've sold some part of your share to the other directors.
2. Transfer the amount back to the company. Ask your son to transfer that amount to your parents and ask them to make a gift deed in your name. The gift deed has not to be registered as that will help your father not to come under any taxation rule.