Proof of Funds: Format of Gift Deed, Affidavit and LOE

[yghon11]

You can show ur POF from any savings account. But u need to provide 6 months statement with that huge amount.
Hence, best method is to get gift deed and immediately opeb a FD. Only 1 week statement need to be provided.

Unfortunately, HSBC is not providing proof of funds letter in the desired format and doesn't look like they will adjust. I want to know what option do I have now.
Can I open a new savings account / FD in a bank which provides such letters in the desired format? How old should this FD/Account be?
I can't take gift deed because none in my family is having that much amount.

 

[vis.sneha]

Unfortunately, HSBC is not providing proof of funds letter in the desired format and doesn't look like they will adjust. I want to know what option do I have now.
Can I open a new savings account / FD in a bank which provides such letters in the desired format? How old should this FD/Account be?
I can't take gift deed because none in my family is having that much amount.

Open account in Hdfc and u can open a FD after a week or 2. Meanwhile arrange for gift deed.
N regarding gift deed, u or dependant shud gv all money to someone in family and ask them to gv it bk after sometime as gift deed.
in my case, my husband send entire amount to my dad and after a week he gv me gift deed. i am primary applicant.

 

[vis.sneha]

Unfortunately, HSBC is not providing proof of funds letter in the desired format and doesn't look like they will adjust. I want to know what option do I have now.
Can I open a new savings account / FD in a bank which provides such letters in the desired format? How old should this FD/Account be?
I can't take gift deed because none in my family is having that much amount.

Brand new Fd Account is fine. I opened a FD specially for POF

 

[yghon11]

Brand new Fd Account is fine. I opened a FD specially for POF

How old(minumum) this brand new FD should be before taking its proof of funds and submitting it post ITA.
Thank you for your replies

 

[vis.sneha]

How old(minumum) this brand new FD should be before taking its proof of funds and submitting it post ITA.
Thank you for your replies

I did on same day. I opened FD, got bank statement the next day with FD being reflected in it, bank letter on same day as FD and FD proof on same day. I submittied all my docs to Canada in abt 10 days.

 

[yghon11]

I did on same day. I opened FD, got bank statement the next day with FD being reflected in it, bank letter on same day as FD and FD proof on same day. I submittied all my docs to Canada in abt 10 days.

Thank you so much vis.sneha for your replies. I will direct my funds from this account an FD and use it.

 

[vis.sneha]

Thank you so much vis.sneha for your replies. I will direct my funds from this account an FD and use it.

What will u do about bank statement???
i think 6 months needed if using own funds and 1 week for gift deed.

 

[yghon11]

What will u do about bank statement???
i think 6 months needed if using own funds and 1 week for gift deed.

Oh you mean to say to open a new FD from my own funds I would need to this FD to be 6 months old?

 

[vis.sneha]

Oh you mean to say to open a new FD from my own funds I would need to this FD to be 6 months old?

Only 1 day statememnt of FD is fine. But bank statement.. whichever bank had that huge amount for 6 months. If u r transferring into a new bank before opening FD, u need old bank's 6 months statement reflecting that amount for 6 months. U can also keep a covering letter for openinga new bank account and that both r in ur name.

 

[yghon11]

Only 1 day statememnt of FD is fine. But bank statement.. whichever bank had that huge amount for 6 months. If u r transferring into a new bank before opening FD, u need old bank's 6 months statement reflecting that amount for 6 months. U can also keep a covering letter for openinga new bank account and that both r in ur name.

Thanks. Yeah I 'll have old bank's 6-month statement along with whatever letter they are giving to me and with those funds I'll open a new FD on my name. I have my name everywhere so proving flow of funds should not be tough I guess.

 

[canrazep]

Hi
Please how does it work if I am getting this money from someone abroad? Does the person (by himself), write a normal letter giving me the monetary gift, sign it with a witness over there, and then sends me the document?
Can it simply be scanned to me when he's done writing?
(But then how can I put my name on the letter?). So does the letter need to be sent to me via via post like dhl so I can put in my name? Or there's no need for me to write my name myself?

Above all, does the giver need to notarize the document in his country of residence before sending to me? Pls advice - who does what?

Hi, can you elaborate what you did to notarize the gift-deed in your case? I am in the same situation as well, what information did you put in the letter?

 

[yghon11]

Only 1 day statememnt of FD is fine. But bank statement.. whichever bank had that huge amount for 6 months. If u r transferring into a new bank before opening FD, u need old bank's 6 months statement reflecting that amount for 6 months. U can also keep a covering letter for openinga new bank account and that both r in ur name.

@vis.sneha I want to ask you something related to work experience/reference letter but not finding the thread should I pm you?

 

[vis.sneha]

@vis.sneha I want to ask you something related to work experience/reference letter but not finding the thread should I pm you?

hello, u can ask me here.. or email me- sneha.7290@gmail.com

 

[sensa]

Hello Everyone,

I'm currently in the process of submitting my documents after receiving the ITA. I'm struggling to understand the exact procedure to be followed for Proof of funds, with regard to a Gift Deed in India specifically. As a Gift Deed and a Notarised Affidavit are two separate documents altogether, kindly advise on the following points from experience, if possible:

a) Are BOTH documents required?
b) Do both documents need to be Notarised? Is it possible for me to only get the Affidavit notarized and the Gift deed (in the required format) in plain paper with two witnesses to sign?
c) Is anyone aware of any underlying charge on the value of the Gift Deed in India? I specifically enquire regarding this as a lawyer advised us an 8% charge would be levied by the Government, however I was unable to find any mention of such charge online.

Please do let me know of your experiences.

 

[vis.sneha]

Hello Everyone,

I'm currently in the process of submitting my documents after receiving the ITA. I'm struggling to understand the exact procedure to be followed for Proof of funds, with regard to a Gift Deed in India specifically. As a Gift Deed and a Notarised Affidavit are two separate documents altogether, kindly advise on the following points from experience, if possible:

a) Are BOTH documents required?
b) Do both documents need to be Notarised? Is it possible for me to only get the Affidavit notarized and the Gift deed (in the required format) in plain paper with two witnesses to sign?
c) Is anyone aware of any underlying charge on the value of the Gift Deed in India? I specifically enquire regarding this as a lawyer advised us an 8% charge would be levied by the Government, however I was unable to find any mention of such charge online.

Please do let me know of your experiences.

Hello,

1. Gift deed in done in a stamp paper or e-stamp paper... n it is called Gift deed affidavit. So both will be in same document
2. It needs to notarised
3. Gift deeds are tax free. Parents or siblings or in laws can gv gift deed. No deduction in money...Althought i am not sure how much we paid for gift deed. We contacted online agents to get it done.