Need advice on Proof of Funds..

[kartheek89]

I am a salaried employee (5 years) and have been maintaining a balance of 2000 CAD (2 Lakh INR in my currency) for the past 6 months. Later, 2 months back, I have arranged money for POF with help of a Loan and with fund transfer from my Father-In law making it 18000 CAD. If am in need of bank statement next month, then my 6 month bank statement will show the sudden cash flow in to my account.

What do you suggest in this case ? is it good to have any affidavit for fund transfer from my father in law ? Please help

 

[sunnyvin]

I am a salaried employee (5 years) and have been maintaining a balance of 2000 CAD (2 Lakh INR in my currency) for the past 6 months. Later, 2 months back, I have arranged money for POF with help of a Loan and with fund transfer from my Father-In law making it 18000 CAD. If am in need of bank statement next month, then my 6 month bank statement will show the sudden cash flow in to my account.

What do you suggest in this case ? is it good to have any affidavit for fund transfer from my father in law ? Please help

nope source of funds is not necessary it's fine ...

 

[kartheek89]

nope source of funds is not necessary it's fine ...

thanks Sunnyvin.. was scared when one of my acquaintance said it is required

 

[Scorpman21]

What do you suggest in this case ? is it good to have any affidavit for fund transfer from my father in law ? Please help

You must attach a Gift Deed with your POF.

 

[Krish08]

nope source of funds is not necessary it's fine ...

are you sure ? I guess he needs gift deed or something because his statement does not have funds maintained for 6 months but only 2 months.. correct me if I am wrong

 

[kartheek89]

You must attach a Gift Deed with your POF.

oh, is gift deed a form of affidavit ?

 

[Scorpman21]

oh, is gift deed a form of affidavit ?

Yes it is in the form a Affidavit. Any nearest Notary will do it for you. They have the required formats with them.

 

[kartheek89]

@scylla please suggest

 

[kartheek89]

Yes it is in the form a Affidavit. Any nearest Notary will do it for you. They have the required formats with them.

thank you brother

 

[Scorpman21]

thank you brother

Welcome Kartheek. And nothing to worry about. Its a simple process, and countless applicants have got Ppr using these gift deeds.

 

[kartheek89]

Welcome Kartheek. And nothing to worry about. Its a simple process, and countless applicants have got Ppr using these gift deeds.

one more question brother.. half of my funds are taken as loan and the other half is from my father-in-law. I have deposited both these amounts 2 months back..
now I will get a gift deed for the amount transferred by my father-in-law, what should i do reg the amount I got from Loan ?

 

[Scorpman21]

one more question brother.. half of my funds are taken as loan and the other half is from my father-in-law. I have deposited both these amounts 2 months back..
now I will get a gift deed for the amount transferred by my father-in-law, what should i do reg the amount I got from Loan ?

Oops, that's a problem Kartheek. Cic clearly say that your funds should belong to you and not encumbered. If that loan amount isn't much, I would suggest you to pay it back, and take additional gift amount from your FIL or some other close relative.

 

[Scorpman21]

Oh
If I don't mention, Is there any chance cic knows that the amount is from loan ?

Cic can anytime ask for source of funds, and if found guilty you would be rejected (even liable for misrepresentation and ban you for the next 5 years).
You can take more suggestions, but I don't think anyone would advise you to proceed like this unless you want to risk it all.

 

[alok4best]

I think your best alternative is to let those funds sit in your account for 6 months and then apply.

 

[kartheek89]

Cic can anytime ask for source of funds, and if found guilty you would be rejected (even liable for misrepresentation and ban you for the next 5 years).
You can take more suggestions, but I don't think anyone would advise you to proceed like this unless you want to risk it all.

One last question brother, sorry I am testing your patience

I am planning to get affidavit stating that my father in law has gifted me with 80% of funds and the remaining 20 are anyways present in my account.. will this be fine ??