Yes Raj,rajkamalmohanram said:1) Yes, you can, by all means, arrange for the funds before ITA.
2) A gift deed is an affidavit that is given by the person who gifted you the deed. It should mention that the money that has been given to you is an irrevocable gift and you are free to use it for any purpose.
3) "Borrow" or "Take a gift" ? . If you are getting a gift from multiple people, then it is best to transfer all the funds into one account and then transfer that to your account. Multiple gift deeds would make your financial profile look weak. Transfer all the funds to one person (preferably parents) and then transfer that to your account and take a gift deed from your parents.
That's my plan. However, I cannot deposit Indian money in my NRE account. I will be using my other bank account (older than 5 years) available in the same branch for depositing the "borrowed" money. I suppose it wont be a problem if I submit POF by combining details from my both accounts. Is there any validity period for the POF issued by bank? Because, I wont be able to keep such a large sum of money untouched for a long period time. Of course I can produce the settlement amount at POE, if I succeed in getting a visa.
And thank you very much for being patient with my queries. :-[
Thanks,
Sreeraj