Gift Deed for Proof of Funds

[AHP]

Hi,

I have received the ITA last month. With regards to the proof of funds requirement, I have received a certain amount of money from my parents recently which I have placed in fixed deposits in my Name. This amount forms the bulk of my funds which I intend to show in my application.

While I do earn well myself, all the savings have been in my parents name, primarily because i have been managing the expenses and also my parents receive a higher interest rate in banks for their deposits.

Kindly let me know whether there is a need to execute a gift deed to show the transfer of funds form my parents to me. Also since the funds have already been transferred its ok to make a gift deed with current/later date right ? Will mention that the funds were transferred on so and so date.

Also I can show funds across multiple accounts ?

Thanks,
AHP

 

[AHP]

has anybody else faced a similar scenario ?

 

[kaddu747]

bump

I have the same query, my dad has created an FD with joint names.
He is willing to execute a gift deed on it, however this FD will mature 3-4 months after we submit our applications.

TIA

 

[Sheeba Bernard]

Hi,

I have received the ITA last month. With regards to the proof of funds requirement, I have received a certain amount of money from my parents recently which I have placed in fixed deposits in my Name. This amount forms the bulk of my funds which I intend to show in my application.
While I do earn well myself, all the savings have been in my parents name, primarily because i have been managing the expenses and also my parents receive a higher interest rate in banks for their deposits.

Kindly let me know whether there is a need to execute a gift deed to show the transfer of funds form my parents to me. Also since the funds have already been transferred its ok to make a gift deed with current/later date right ? Will mention that the funds were transferred on so and so date.

Also I can show funds across multiple accounts ?

Thanks,
AHP

Please let me know if it works out because i am also planning to attach a gift deed when i will apply

 

[sushsmart15]

Hi,

I have received the ITA last month. With regards to the proof of funds requirement, I have received a certain amount of money from my parents recently which I have placed in fixed deposits in my Name. This amount forms the bulk of my funds which I intend to show in my application.

While I do earn well myself, all the savings have been in my parents name, primarily because i have been managing the expenses and also my parents receive a higher interest rate in banks for their deposits.

Kindly let me know whether there is a need to execute a gift deed to show the transfer of funds form my parents to me. Also since the funds have already been transferred its ok to make a gift deed with current/later date right ? Will mention that the funds were transferred on so and so date.

Also I can show funds across multiple accounts ?

Thanks,
AHP

Certainly you need to get a gift deed signed from your parents stating that this money is a gift to you and need not be returned anytime.
You can get a current dated gift deed stating that money was transferred on a particular date. Remember, it is important to show the source of funds - which in your case is your parents savings account.

Of course, you can show your funds across multiple accounts and even in multiple currencies also.

 

[syedarsalan]

Hi,

I have received the ITA last month. With regards to the proof of funds requirement, I have received a certain amount of money from my parents recently which I have placed in fixed deposits in my Name. This amount forms the bulk of my funds which I intend to show in my application.

While I do earn well myself, all the savings have been in my parents name, primarily because i have been managing the expenses and also my parents receive a higher interest rate in banks for their deposits.

Kindly let me know whether there is a need to execute a gift deed to show the transfer of funds form my parents to me. Also since the funds have already been transferred its ok to make a gift deed with current/later date right ? Will mention that the funds were transferred on so and so date.

Also I can show funds across multiple accounts ?

Thanks,
AHP

yes a gift deed is more than enough to prove that funds didn't came as a loan.
Remember, all funds should be held under your name (not jointly with anyonese else except your spouse - travelling with you)