Queries regarding Proof of Funds

[hammadtaj]

Hello guys,

I have some queries regarding the source of funds:

1. Can I show mutual funds as POF or do I have to liquidate it and transfer into my account?
2. Can I show Employee provident funds as POF?
3. Can I arrange funds from my first cousin and show as POF? I will arrange the gift deed, affidavit and other documents regarding it.
4. I am maintaining a joint account with my wife that we will show it as a main account for the POF. Do I have to get any declaration from my wife regarding it?

Thanks alot ppl

 

[Bs65]

Others will correct me but think only 4 will work as 1/2/3 are assets not available funds. Dont think need anything from wife for 4 but as said others can comment.

 

[sushsmart15]

Option 3 supported with gift deed and option 4 supported with a NOC from spouse - are the best possible ways to demonstrate POF.

 

[hammadtaj]

Thanks.

what about mutual funds? I have my amount invested in mutual funds so should I liquidate it now and put it in my account to show as POF?

 

[Stanlee]

Hello guys,

I have some queries regarding the source of funds:

1. Can I show mutual funds as POF or do I have to liquidate it and transfer into my account?
2. Can I show Employee provident funds as POF?
3. Can I arrange funds from my first cousin and show as POF? I will arrange the gift deed, affidavit and other documents regarding it.
4. I am maintaining a joint account with my wife that we will show it as a main account for the POF. Do I have to get any declaration from my wife regarding it?

Thanks alot ppl

1. No, mutual funds cannot be shown as POF, but you can liquidate it and transfer the proceeds to your bank account which can used as POF.
2. Employee Provident Fund can be considered as proof of funds as you can withdraw the whole amount after you have resigned and you will get the proceeds credited to your account in 90 days. But, you will have to submit necessary documents in this regard. I have read on the forum where someone has submitted EPF as proof of funds. You can look up the same on the forum. But you need to check about the recent changes with regard to EPF withdrawal rules (I am not sure whether those have been implemented). What is important is the funds should be unencumbered and readily transferable.
3. Yes, you can and as rightly mentioned you will need the Gift Deed and other documents related to it.
4. Yes, for the joint account, you will have to get a declaration from your wife stating that she is the co-applicant in the PR application and she has no objection for the funds being used for migration purposes.

 

[hammadtaj]

Thanks alot everyone