FD as PoF - Is gift deed required?

[Sagnik Ghosh]

Hello All,
I have a situation here, where I need some expert advice.
I have the sufficient PoF to cater to the application, but it has 3 sources.
1. 30% as FD in Bank A, which is made from my own savings. Question: Do I need to show bank statement for this?
2. 40% as FD in Bank B, which is made from amount transferred by by dad. The FD account is owned by me singly. Question: Do I need to get a gift deed from my dad? If yes, is it sufficient in a self-declared form, or do we need to get in notarized?
3.30% as FD in Bank C, which is singly owned by my spouse. She will be accompanying me in the application. This FD is made from amount transferred by her dad (my father-in-law). Question: Do I need to get a gift deed from her dad to my spouse? If yes, is it sufficient in a self-declared form, or do we need to get in notarized?

Also, since all the amount is in FD, all of the which are made post receiving the ITA, do I need to show any additional source of funds? I will obviously be getting the bank letters, declaring the amount in CAD.

Any help will be much appreciated. Thanks in advance.

 

[mr.preetsingh]

Hello All,
I have a situation here, where I need some expert advice.
I have the sufficient PoF to cater to the application, but it has 3 sources.
1. 30% as FD in Bank A, which is made from my own savings. Question: Do I need to show bank statement for this?
2. 40% as FD in Bank B, which is made from amount transferred by by dad. The FD account is owned by me singly. Question: Do I need to get a gift deed from my dad? If yes, is it sufficient in a self-declared form, or do we need to get in notarized?
3.30% as FD in Bank C, which is singly owned by my spouse. She will be accompanying me in the application. This FD is made from amount transferred by her dad (my father-in-law). Question: Do I need to get a gift deed from her dad to my spouse? If yes, is it sufficient in a self-declared form, or do we need to get in notarized?

Also, since all the amount is in FD, all of the which are made post receiving the ITA, do I need to show any additional source of funds? I will obviously be getting the bank letters, declaring the amount in CAD.

Any help will be much appreciated. Thanks in advance.

First of all, Declaration in CAD is not required at all.

1. No
2. Gift deed or affidavit, both works here. Yes it should be notarized
3. No Gift deed is required in this case, however consent from wife to use funds is required.

You will be asked if you are carrying funds with you, Ideally 30-40% in cash is a decent idea since you will need cash upon landing. Rest documents will be enough.

 

[Sagnik Ghosh]

First of all, Declaration in CAD is not required at all. - I meant the bank letter will convert the equivalent amount in CAD.

1. No - In that case, what is the source of funds? Since I'm showing the source of funds for the other FD's as well.
2. Gift deed or affidavit, both works here. Yes it should be notarized. - In a 10₹ stamp paper, signed by a lawyer?
3. No Gift deed is required in this case, however consent from wife to use funds is required. - A self declaration will be required from my father-in-law? And the consent from my wife shall be in a normal A4 paper, signed by by 2 witnesses? Or shall I get it notarized as well?

You will be asked if you are carrying funds with you, Ideally 30-40% in cash is a decent idea since you will need cash upon landing. Rest documents will be enough.

- I will carry liquid cash in my savings account, apart from the FD statements. That will be fine right?

 

[Sagnik Ghosh]

Thanks for your reply Preet. Please help me with the additional questions that I have. TIA

 

[mr.preetsingh]

- I will carry liquid cash in my savings account, apart from the FD statements. That will be fine right?

1. FD is itself a source of fund, so no bank statement is required in that case and no source is required.
2. Yes, affidavit will also work.
3. Yes, consent is enough.

Your definitions are wrong. Liquid cash means, cash in hand. If you do not have a relative here, better bring cash as much as you can, because transferring money from your own account in India to own account in Canada will be troublesome. Better bring, 3-4 K CAD for initial setup. You will be able to open a bank. For lease agreements, you need bank account and bank draft. which means, money should be in your bank account. Sometimes you have over baggage issues, so CAD cash will be helpful. There are some cities where Uber doesn't work, local taxis take cash. Using Indian Credit cards is pretty costly here.

So plan well.

 

[Sagnik Ghosh]

I have a query here. If I'm not showing the source of funds for the FD that is made from my money, why do I need to show source of funds for other FD's? Isn't the rule same for all FD's?

I don't have an issue in getting the deeds done, but just clarifying. I also read somehwere that for FD's, source of funds is not required even if the FD is not 6 months old.

Thanks in advance.

 

[mr.preetsingh]

I have a query here. If I'm not showing the source of funds for the FD that is made from my money, why do I need to show source of funds for other FD's? Isn't the rule same for all FD's?

I don't have an issue in getting the deeds done, but just clarifying. I also read somehwere that for FD's, source of funds is not required even if the FD is not 6 months old.

Thanks in advance.

Now you are overthinking.

I gave you my advice, take it or leave it.

 

[Sagnik Ghosh]

Yes, you're right. I'm indeed overthinking.

I'm really worried about the PoF bit. Also, can you please tell me what shall I write in the gift deed?

For Bank B, which has 40% of the amount as FD, the amount wasn't directly transferred to my FD account. My father has an account in Bank X, and I have an account in Bank B (singly owned). Now, my father transferred cash from Bank X to my Bank B Account. Then from this bank B account of mine, a FD was opened. So what exactly shall the gift deed reflect?

Again, TIA

 

[MVA]

I have a query here. If I'm not showing the source of funds for the FD that is made from my money, why do I need to show source of funds for other FD's? Isn't the rule same for all FD's?

I don't have an issue in getting the deeds done, but just clarifying. I also read somehwere that for FD's, source of funds is not required even if the FD is not 6 months old.

Thanks in advance.

Actually I also have same question if I am receiving funds from my brother in my account and then make a FD of it. Do we need to show the source of funds? As i only will be transferring that amount to my brother from my OD account so I don’t want to take risk for showing source of funds.