You can put it in any FD but you should be able to liquidate it any time.
A complete way to nail 'Source of fund' dilemma!
- Thread starter anujgupta84
- Start date
Hi,
I have a got a gift deed from my parents in INDIA, and I am in canada so I have not signed on that. Shall i go ahead and make notarize document here saying that i accept the gift or is it fine without that as well.
I have a got a gift deed from my parents in INDIA, and I am in canada so I have not signed on that. Shall i go ahead and make notarize document here saying that i accept the gift or is it fine without that as well.
Hi guys would appreciate if you answer this
I am single and I have around 5-6 lacs INR worth of FD's which are held jointly by me & my parents. Basically its their savings which they have invested in my name (jointly with theirs) for use by me in the future if and when I need the money. It's been getting renewed over the years. Also my parents have their own pension and their own retirement money as savings for themselves so they wont need / claim this money that they have invested in my name ever.
My question is if I wish to show those FD's that i am holding jointly with my parents as POF, what all documents will be needed? Can i keep them as FD or do i need to have them transferred in my Bank Account?
PS : I will be creating my EE profile in July 2017 not before that.
I am single and I have around 5-6 lacs INR worth of FD's which are held jointly by me & my parents. Basically its their savings which they have invested in my name (jointly with theirs) for use by me in the future if and when I need the money. It's been getting renewed over the years. Also my parents have their own pension and their own retirement money as savings for themselves so they wont need / claim this money that they have invested in my name ever.
My question is if I wish to show those FD's that i am holding jointly with my parents as POF, what all documents will be needed? Can i keep them as FD or do i need to have them transferred in my Bank Account?
PS : I will be creating my EE profile in July 2017 not before that.
Hello @vishalg and other experts,
I have a query on showing FD as POF and I have seen many post on that and hence little confused.
I did not have much money in my running savings account, as most of the money I invest in equities and mutual funds. So post my ITA, I sold few of my stocks and mutual funds - proceeds of the same got credited to my main-savings account, and have got my April Salary (in my other salary account), which I am going to transfer in my savings account.
I now have sufficient fund in my savings accounts, so I am thinking of creating an FD for the required LICO fund, and use that as POF.
My question is:
1. Can I create a fresh FD now with all the money that I have got recently - I read somewhere that FD needs to be 6 months old or something on those lines.
2. If I create a fresh FD - what all letters/documents I would need to upload to show as POF.
3. If I cannot create FD to show it as POF, in that case should I just keep the required fund in my savings account? In this case, what letters/documents I would need?
My primary reason to create FD is to set aside the required fund to be shown as POF, so that I can use my main savings account as operating account.
Appreciate your help on clarifying this.
Thanks
I have a query on showing FD as POF and I have seen many post on that and hence little confused.
I did not have much money in my running savings account, as most of the money I invest in equities and mutual funds. So post my ITA, I sold few of my stocks and mutual funds - proceeds of the same got credited to my main-savings account, and have got my April Salary (in my other salary account), which I am going to transfer in my savings account.
I now have sufficient fund in my savings accounts, so I am thinking of creating an FD for the required LICO fund, and use that as POF.
My question is:
1. Can I create a fresh FD now with all the money that I have got recently - I read somewhere that FD needs to be 6 months old or something on those lines.
2. If I create a fresh FD - what all letters/documents I would need to upload to show as POF.
3. If I cannot create FD to show it as POF, in that case should I just keep the required fund in my savings account? In this case, what letters/documents I would need?
My primary reason to create FD is to set aside the required fund to be shown as POF, so that I can use my main savings account as operating account.
Appreciate your help on clarifying this.
Thanks
Joint accounts/FDs with parents/siblings/ any other relative excluding your spouse is not acceptable. I would advise you to renew FD in your name only. You would need a gift deed from your parents if you submit your application (post ITA) within 6 months from the date of FD renewal in your name. If more than 6 months you don't need any other doc.
Hello Guys,
I have been reading though this very informative thread during the past coupe of weeks in order to decide how shall handle the POF issue. Finally I've decided the following and I need a confirmation from the experts.
My father is going to give me an "endorsed" check (In other words, a check in his name in which he endorsed it to me). Then, I will deposit that check into my account and I'll provide the following:
I have been reading though this very informative thread during the past coupe of weeks in order to decide how shall handle the POF issue. Finally I've decided the following and I need a confirmation from the experts.
My father is going to give me an "endorsed" check (In other words, a check in his name in which he endorsed it to me). Then, I will deposit that check into my account and I'll provide the following:
- A gift deed on plain paper signed by me, my father, and witness.
- A copy of the "endorsed" check
- A bank statement from my account showing the amount deposited
- A LEO explaining all the above situation
- is there is a problem with an "endorsed" check?
- is it required that the gift deed to be notarized? if yes, by whom given I'm from Egypt?
- Do I have to submit any other additional documents??
Last edited:
An endorsed check is a regular check originally given to my father by some else. Then he, in stead of depositing it to his account, else he makes a special endorsement to me by writing on it's back or front the following: "Pay to <My name>" and then sign it.
This way I can have this check and deposit it to my account or cash it, what ever I want.
This way I can have this check and deposit it to my account or cash it, what ever I want.
I don't think it should be a challenge. Has your father received this cheque against any service provided, if yes, you should upload that agreement. This is just a safety measure to ensure there is no loan taken for POF.
Yes, he has some shares in a company and this check is part of his profits for last year. So you are recommending that I have to prepare a document from that company that proves his ownership to those shares and get this document notarized as well .... is this correct??
Ok Thanks @vishalg ! So can't Just create an FD and show the certificate.
Also, if I do not create FD, then what? If I just show the current balance in my savings account, in that case also it will have recent credits. So still I would need to produce the redemption receipts etc?
Do I need to show my portfolio statement as well since my bank statement would show quite a bit of credit of dividends, interest, etc and dbit of SIP's etc.
Also, if I do not create FD, then what? If I just show the current balance in my savings account, in that case also it will have recent credits. So still I would need to produce the redemption receipts etc?
Do I need to show my portfolio statement as well since my bank statement would show quite a bit of credit of dividends, interest, etc and dbit of SIP's etc.