A complete way to nail 'Source of fund' dilemma!

[Mkranthi]

Hello everyone,
I received my ITA and I am gathering documentation to submit. I have a question regarding bank statements. I
am trying to submit 6 months bank statements.
I accumulated required funds from my bonus, paychecks and gifted amount from my mom. But in previous bank statements

I have few transactions from my cousin and friend for about 1000$ and 2500$ . Due to an emergency I sent that money to India through Xoom.
I returned 2500$ to my friend in April.

My cousin have to give money to my parents so she gave me here in cash. I deposited that amount and transferred to India , hence I dont have return transaction as returning money to my cousin.

My cousin ( husband's sister) also transferred me 3000$ to pay for my husband's H1 visa in USA ( she transfrred to my 2nd bank account and I withdrew and deposited in my primary bank account and then paid to the employer who filed H1).

Questions:
1. Do we need to mandatorily submit 6 months bank statements

2. As above mentioned transactions do not count towards my proof of funds and I transferred those amounts to respective people ( My POF is my bonus and gift amount form parents), should we worry about them?

3. As they are above 1000$ , will they trigger suspicion and will they be a problem ? Do I need to voluntarily mention about them in LOE.

Thank you in advance for your time!!

 

[dipantika]

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.

Cool. will do that. thanks a lot.

 

[vishalg]

Hello everyone,
I received my ITA and I am gathering documentation to submit. I have a question regarding bank statements. I
am tr

Hello everyone,
I received my ITA and I am gathering documentation to submit. I have a question regarding bank statements. I
am trying to submit 6 months bank statements.
I accumulated required funds from my bonus, paychecks and gifted amount from my mom. But in previous bank statements

I have few transactions from my cousin and friend for about 1000$ and 2500$ . Due to an emergency I sent that money to India through Xoom.
I returned 2500$ to my friend in April.

My cousin have to give money to my parents so she gave me here in cash. I deposited that amount and transferred to India , hence I dont have return transaction as returning money to my cousin.

My cousin ( husband's sister) also transferred me 3000$ to pay for my husband's H1 visa in USA ( she transfrred to my 2nd bank account and I withdrew and deposited in my primary bank account and then paid to the employer who filed H1).

Questions:
1. Do we need to mandatorily submit 6 months bank statements
Ideally you should
2. As above mentioned transactions do not count towards my proof of funds and I transferred those amounts to respective people ( My POF is my bonus and gift amount form parents), should we worry about them?
Since these transactions/ funds don't impact your POF so it isn't a cause of worry and you're able to prove that the funds shown POF are yours along with the source of the funds.
3. As they are above 1000$ , will they trigger suspicion and will they be a problem ? Do I need to voluntarily mention about them in LOE.
Explaination using an LOE is a better option. Since these transactions are above the POF ( don't impact them) you're good to go. Don't mention friends and family for cash transactions, mention only where there was a cheque/internet transfer was involved.
Thank you in advance for your time!!

 

[Cix]

Hi, I have funds in an investment account and a pension account, is it's acceptable to submit statements for these two accounts?

 

[Shivanker]

Can someone please share a sample or format of a net worth certificate?

 

[Shivanker]

Hi @vishalg
I'm currently in the process of getting the POF in order. I got the required amount from my mother as a gift and I have opened a 3-month FD with the received amount. these are the documents that ill be providing:

1) Gift Deed (Article 33 Gift) - Should I get this notarized?
2) An Affidavit (Article 4 Affidavit) - Should I get this notarized?
3) Bank Statements of mine and my mother's showing all the transactions involved
4) as my mom got this from her EPF fund, ill be showing that info aswel.

please let me know if all these are sufficient and if I have missed anything

 

[vishalg]

Hi @vishalg
I'm currently in the process of getting the POF in order. I got the required amount from my mother as a gift and I have opened a 3-month FD with the received amount. these are the documents that ill be providing:

1) Gift Deed (Article 33 Gift) - Should I get this notarized?yes
2) An Affidavit (Article 4 Affidavit) - Should I get this notarized?yes
3) Bank Statements of mine and my mother's showing all the transactions involved this is fine
4) as my mom got this from her EPF fund, ill be showing that info aswel.
EPF funds would already be parked in her savings account and already considered as a part of her earnings and savings.so you just need the statements
please let me know if all these are sufficient and if I have missed anything

In addition get the letter from the bank/ FD certificate

 

[Shivanker]

In addition get the letter from the bank/ FD certificate

thanks a lot. is the net worth certificate compulsory?

 

[vishalg]

thanks a lot. is the net worth certificate compulsory?

No, not required

 

[omarkhan]

Dear all: I have to show a pof for which my father will be giving me a gift deed of the required amount by selling some property. What would be the best thing to do for him: Either to sell the property and then deposit the amount in my account, or rather to transfer the ownership of the property in my name I sell it to generate the required amount.

Also, my mother has her savings which she wants to help me with. But the problem is that her money is not kept in any account but at home. How can I prove that the money was gifted by my mother?

Please suggest what should I do? Thanks

 

[Shivanker]

guys,

can i get the gift deed and the affidavit done on a plain A4 paper and get it notorized? or is it compulsory that it should be on a stamped paper?

 

[Lovecanada13]

I sold a home last year. Now I want to transfer that fund to joint account with my spouse and show the statement as proof of funds. Again this will be a sudden transaction. What all proofs will be required?

 

[Lovecanada13]

Who can give a gift ? Is it compulsory to be a blood relationship?

 

[Lovecanada13]

Can a friend do me a gift deed?

 

[sapandoshi]

hello,

which all funds are included for calculation in funds available?

does it include PF / NPS / Mutual Fund..?