Is a donor of gift bound to attach his bank statement?

[omarkhan]

Dear all:

I originally intended to sell my car and to show a gift from my father as the remaining amount for pof. Now, I do have a receipt of the car when I bought it on a notarized paper, but I still dont have it properly registered in my name, and to register it in my name it can take time long enough for my ITA to expire. I can however, sell it through notarized car transfer deed. Some one advised me that to keep the paper work to the minimum, I can deposit the amount of money from the sale of car into my father's account, and let him gift the complete amount of the proof of funds. Please advise me if this okay? I mean, if they ask for my father's bank statements as well in addition to the gift deed, then I would have to justify where the amount of money from car's sale came from.

Please suggest. Thanks.

 

[omarkhan]

Any advise from experts please?

 

[Rahulsarna]

Not an expert, but from what I know, they are only concerned about the applicant's bank statement.

If you have a gift deed from your father, they won't care about his statements. This is because even if that amount is a loan (for your father), gifting would legally relieve you of all the liabilities of that loan. Including paying back your father because of the deed.

So I don't see any harm in the route via gift deed.

 

[omarkhan]

Not an expert, but from what I know, they are only concerned about the applicant's bank statement.

If you have a gift deed from your father, they won't care about his statements. This is because even if that amount is a loan (for your father), gifting would legally relieve you of all the liabilities of that loan. Including paying back your father because of the deed.

So I don't see any harm in the route via gift deed.

This makes sense. Thank you Rahulsarna. Your response was really helpful.

 

[imrankhan2015]

bank statement of donor is usually not required, but I've seen people attaching it in most of the cases.

Why don't you get a sale deed on Rs 1200 stamp paper for selling your car? It can be made easily. Mention the cash and pay order number (pay order should be on your own name) on the sale deed through which you receive payment from buyer and deposit it to your account.

It is not required that the car is in your own name in order to make the sale deed and you should just attach scanned copy of sale deed and pay order to prove the transaction. car's ownership paper will not be required.

 

[omarkhan]

bank statement of donor is usually not required, but I've seen people attaching it in most of the cases.

Why don't you get a sale deed on Rs 1200 stamp paper for selling your car? It can be made easily. Mention the cash and pay order number (pay order should be on your own name) on the sale deed through which you receive payment from buyer and deposit it to your account.

It is not required that the car is in your own name in order to make the sale deed and you should just attach scanned copy of sale deed and pay order to prove the transaction. car's ownership paper will not be required.

That would be excellent then, if I wont have to attach any car ownership papers. I have no problem with a Rs. 1200 stamp paper, but I already have an unfilled Rs. 50 stamp paper as sales deed. If that is not the correct one, then as you advise I can just go for the Rs. 1200 stamp paper. By pay order do you mean a sort of bank draft? Kindly advise.

 

[omarkhan]

That would be excellent then, if I wont have to attach any car ownership papers. I have no problem with a Rs. 1200 stamp paper, but I already have an unfilled Rs. 50 stamp paper as sales deed. If that is not the correct one, then as you advise I can just go for the Rs. 1200 stamp paper. By pay order do you mean a sort of bank draft? Kindly advise.

Unfortunately, most people interested in buying the car wants to pay only in cash.

 

[imrankhan2015]

That would be excellent then, if I wont have to attach any car ownership papers. I have no problem with a Rs. 1200 stamp paper, but I already have an unfilled Rs. 50 stamp paper as sales deed. If that is not the correct one, then as you advise I can just go for the Rs. 1200 stamp paper. By pay order do you mean a sort of bank draft? Kindly advise.

If you're in Punjab, sale deed can only be made on Rs 1200 stamp paper. Anything below this will not be a sale deed, it could be a sale agreement or any other document.

Yes, payorder and bank draft are very similar things. Bank draft is usually for other cities or provinces while pay order works within a city or may be province.

 

[imrankhan2015]

Unfortunately, most people interested in buying the car wants to pay only in cash.

try to get the pay order from buyer. It will be better if you get a pay order or bank draft so that you can justify the amount easily. I'm also sending you my number in message. you can call me and discuss with me. I'll try to guide you.

 

[omarkhan]

Thanks. This makes sense. I'll definitely try to have it in the form of a pay order.

 

[omarkhan]

If you're in Punjab, sale deed can only be made on Rs 1200 stamp paper. Anything below this will not be a sale deed, it could be a sale agreement or any other document.

Yes, payorder and bank draft are very similar things. Bank draft is usually for other cities or provinces while pay order works within a city or may be province.

Thank you imran. I'll follow your advise for sure.

 

[simplytee]

Dear all:

I originally intended to sell my car and to show a gift from my father as the remaining amount for pof. Now, I do have a receipt of the car when I bought it on a notarized paper, but I still dont have it properly registered in my name, and to register it in my name it can take time long enough for my ITA to expire. I can however, sell it through notarized car transfer deed. Some one advised me that to keep the paper work to the minimum, I can deposit the amount of money from the sale of car into my father's account, and let him gift the complete amount of the proof of funds. Please advise me if this okay? I mean, if they ask for my father's bank statements as well in addition to the gift deed, then I would have to justify where the amount of money from car's sale came from.

Please suggest. Thanks.

Hey, did you end up getting approval for visa?

I have a similar case:

My husband and I applied for Express Entry and we got our ITA on 11th April. I am the primary applicant and my husband is the secondary one.

My queries are as follows:

1) My husband and I had planned to arrange the funds required for the immigration by selling our cars. But the problem is that none of those cars are registered to us. My husband’s car is registered in his father’s name but the funds for the purchase of the car were provided by my husband. He can’t provide bank statement for that transaction so we sold the car and transferred the money into my bank account from his father’s account after the sale. As the deposits might look like as if we have taken loan from his father therefore we have decided to make an affidavit signed by notary stating that the money is given as a gift. Is this the rightapproach?

2) I bought my own car from my cousin and did not transfer ownership of it because I was going to sell it within a year anyway as I only needed it short term. Transferring ownership takes time and because the sellar was my cousin therefore I relied on him. In this regard my query is that if I sell this car, the sale deed is going to show my cousin’s name and not mine and hence I would not be able to prove to Candanian authorities that the deposit of money is from the sale of my car (which is in my cousin’s name). How can I prove to them that the deposit from the sale of this car is not a loan when the car is not even registered to me?

Highly appreciate your help!