Funds In Mutual Funds - India

[sk179]

Hi all,
I have just received my ITA and looking forward to apply now. My question is around funds requirements. I have a family with 1 kid, so requirement is around $19000.

I do have the entire funds amount within mutual funds, easily redeemable. They have been invested through fundsindia portal. I have a quick question about how should i show my funds:

1. Option 1:
I show the entire amount in mutual funds. In this case, does anyone have any idea on how to generate these statements which are acceptable.
I can add atleast $12000 on top with statements for my wife and my bank account

2. Option 2:
To make it simple, I can get a gift from my parents for around $10000 CAD. Added with $12000 from mine and my wife's account, I can showcase the statements
I have heard something like a Gift transfer is possible and people have been accepted

3. Option 3:
I liquidate my mutual funds for $10000 and then show the entire amount in my bank account. In this case, not sure what sort of proof should i be showcasing to show sudden inflow in my bank account

Looking for some advice.

 

[Marty_]

Hi all,
I have just received my ITA and looking forward to apply now. My question is around funds requirements. I have a family with 1 kid, so requirement is around $19000.

I do have the entire funds amount within mutual funds, easily redeemable. They have been invested through fundsindia portal. I have a quick question about how should i show my funds:

1. Option 1:
I show the entire amount in mutual funds. In this case, does anyone have any idea on how to generate these statements which are acceptable.
I can add atleast $12000 on top with statements for my wife and my bank account - As mutual funds value is based on market conditions, it may not be accepted. I have used option 3

2. Option 2:
To make it simple, I can get a gift from my parents for around $10000 CAD. Added with $12000 from mine and my wife's account, I can showcase the statements
I have heard something like a Gift transfer is possible and people have been accepted - correct. Gift deed and bank letter

3. Option 3:
I liquidate my mutual funds for $10000 and then show the entire amount in my bank account. In this case, not sure what sort of proof should i be showcasing to show sudden inflow in my bank account - You must explain the redemption in your covering letter/LOE for sudden increase in savings balance. Attach your mutual fund statement showing redemption date and Value.I even attached my bank statement showing the mutual fund values credited to my account

Looking for some advice.

 

[nambaliya]

Hi all,
I have just received my ITA and looking forward to apply now. My question is around funds requirements. I have a family with 1 kid, so requirement is around $19000.

I do have the entire funds amount within mutual funds, easily redeemable. They have been invested through fundsindia portal. I have a quick question about how should i show my funds:

1. Option 1:
I show the entire amount in mutual funds. In this case, does anyone have any idea on how to generate these statements which are acceptable.
I can add atleast $12000 on top with statements for my wife and my bank account

2. Option 2:
To make it simple, I can get a gift from my parents for around $10000 CAD. Added with $12000 from mine and my wife's account, I can showcase the statements
I have heard something like a Gift transfer is possible and people have been accepted

3. Option 3:
I liquidate my mutual funds for $10000 and then show the entire amount in my bank account. In this case, not sure what sort of proof should i be showcasing to show sudden inflow in my bank account

Looking for some advice.

What did you finally do? I am in the same situation.

 

[JayJay1998]

Hi all,
I have just received my ITA and looking forward to apply now. My question is around funds requirements. I have a family with 1 kid, so requirement is around $19000.

I do have the entire funds amount within mutual funds, easily redeemable. They have been invested through fundsindia portal. I have a quick question about how should i show my funds:

1. Option 1:
I show the entire amount in mutual funds. In this case, does anyone have any idea on how to generate these statements which are acceptable.
I can add atleast $12000 on top with statements for my wife and my bank account

2. Option 2:
To make it simple, I can get a gift from my parents for around $10000 CAD. Added with $12000 from mine and my wife's account, I can showcase the statements
I have heard something like a Gift transfer is possible and people have been accepted

3. Option 3:
I liquidate my mutual funds for $10000 and then show the entire amount in my bank account. In this case, not sure what sort of proof should i be showcasing to show sudden inflow in my bank account

Looking for some advice.

You can stick with option 1 as the funds can be easily redeemable so no worries as long as the funds are under your or your spouse name and maintaining the same balance.

 

[Vineetha Naval]

Hi sk179 !
Am in a similar situation too. What did you end up doing? Did they accept the mutual funds as proof of funds ?

Hi all,
I have just received my ITA and looking forward to apply now. My question is around funds requirements. I have a family with 1 kid, so requirement is around $19000.

I do have the entire funds amount within mutual funds, easily redeemable. They have been invested through fundsindia portal. I have a quick question about how should i show my funds:

1. Option 1:
I show the entire amount in mutual funds. In this case, does anyone have any idea on how to generate these statements which are acceptable.
I can add atleast $12000 on top with statements for my wife and my bank account

2. Option 2:
To make it simple, I can get a gift from my parents for around $10000 CAD. Added with $12000 from mine and my wife's account, I can showcase the statements
I have heard something like a Gift transfer is possible and people have been accepted

3. Option 3:
I liquidate my mutual funds for $10000 and then show the entire amount in my bank account. In this case, not sure what sort of proof should i be showcasing to show sudden inflow in my bank account

Looking for some advice.