Gift deed - US applicants

[Stewie090]

Hello all,

I am in a confused state with the proof of funds. I would like to know how the US applicants disclosed the required amounts.
I have received a certain amount recently and just trying to find out the way to explain this deposit. Any specific format for Gift deed or would it be okay if I just explain in the LOE?

 

[cansha]

Hello all,

I am in a confused state with the proof of funds. I would like to know how the US applicants disclosed the required amounts.
I have received a certain amount recently and just trying to find out the way to explain this deposit. Any specific format for Gift deed or would it be okay if I just explain in the LOE?

Not sure you meant US based applicants or US citizen applicants. I'm the former.

Your query lacks on details so difficult to answer. But here it is whether you use gift deed or just give LOE depends on two major factors.

1. How big is the amount in question? 2. What is the source of funds for the amount in question.

If the amount is significant you need to explain it.

Whether it will be LOE or gift deed will depend on source of funds. If the source of funds is immediate family member (read parents) a gift deed is needed.

If it is something else like sale of assets then explain it in LOE.

 

[Stewie090]

Not sure you meant US based applicants or US citizen applicants. I'm the former.

Your query lacks on details so difficult to answer. But here it is whether you use gift deed or just give LOE depends on two major factors.

1. How big is the amount in question? 2. What is the source of funds for the amount in question.

If the amount is significant you need to explain it.

Whether it will be LOE or gift deed will depend on source of funds. If the source of funds is immediate family member (read parents) a gift deed is needed.

If it is something else like sale of assets then explain it in LOE.

Thank yo for the quick reply. I apologize for not providing more details. Firstly, I was referring to US based applicants and not Citizens or Green card holders.
Having said that, I am currently employed and around $5500 gets credited a month. I've received an amount of $9000 from one of my cousin's here in US and I was not sure on how to get the gift deed done since it's not from an immediate family member and just so that if I can explain in LOE.

 

[cansha]

Thank yo for the quick reply. I apologize for not providing more details. Firstly, I was referring to US based applicants and not Citizens or Green card holders.
Having said that, I am currently employed and around $5500 gets credited a month. I've received an amount of $9000 from one of my cousin's here in US and I was not sure on how to get the gift deed done since it's not from an immediate family member and just so that if I can explain in LOE.

Is the amount needed for you to fulfill the pof requirements ? You said 5500 gets credited every month. So it’s possible you have the required amount even if that 9K is not considered.

 

[Stewie090]

Is the amount needed for you to fulfill the pof requirements ? You said 5500 gets credited every month. So it’s possible you have the required amount even if that 9K is not considered.

That 9k is so to fulfill the requirements. Since $5500 is less than the amount required to show. I can show the Paystubs every month. But the closing balance will be less than that, since I withdraw money for daily expenses.

 

[cansha]

In that case you definitely need a gift deed done. However, most examples I have seen are from immediate family members and even in that people suggest that it is better to have it from parents. As this money is from cousin I’m not sure. May be you can ask @legalfalcon to weigh in here.

 

[mgnlky]

Thank yo for the quick reply. I apologize for not providing more details. Firstly, I was referring to US based applicants and not Citizens or Green card holders.
Having said that, I am currently employed and around $5500 gets credited a month. I've received an amount of $9000 from one of my cousin's here in US and I was not sure on how to get the gift deed done since it's not from an immediate family member and just so that if I can explain in LOE.

Something to note here; the way I understand this is your salary is around $5500/month to live on, then you borrowed $9000 from a cousin to meet the fund requirements. Keep in mind that generally the proof of funds will need to be maintained for a certain period of time; during the application process ideally the amount available would not drop below the required amount at ay point. So if you're counting on the 9000$ from the cousin, plus one monthly salary of $5500, you may run into problems. Generally the proof of funds are in a savings account or separate from day to day living funds.

 

[Stewie090]

Something to note here; the way I understand this is your salary is around $5500/month to live on, then you borrowed $9000 from a cousin to meet the fund requirements. Keep in mind that generally the proof of funds will need to be maintained for a certain period of time; during the application process ideally the amount available would not drop below the required amount at ay point. So if you're counting on the 9000$ from the cousin, plus one monthly salary of $5500, you may run into problems. Generally the proof of funds are in a savings account or separate from day to day living funds.

It's the money that I've lent quite a while back and received it now. Having said that, it will be in the account even during the application process. And since I receive my salary, this amount does increase eventually.

 

[mgnlky]

It's the money that I've lent quite a while back and received it now. Having said that, it will be in the account even during the application process. And since I receive my salary, this amount does increase eventually.

The amount "increasing eventually" and having the full amount of funds required at time of application are two separate things though. If I were you, I would be cautious about applying for PR unless there was an account with at least the minimum required funds in it. If this account is in US dollars, I would suggest having a few extra hundred more than the actual minimum requirement at all times to factor in the exchange rate fluctuation.

 

[Stewie090]

The amount "increasing eventually" and having the full amount of funds required at time of application are two separate things though. If I were you, I would be cautious about applying for PR unless there was an account with at least the minimum required funds in it. If this account is in US dollars, I would suggest having a few extra hundred more than the actual minimum requirement at all times to factor in the exchange rate fluctuation.

When you say "funds required at time of application" do you mean post ITA?
I do have an account with just not minimum funds, but it's above that and exchange rate fluctuation is not going to effect it as such.

Only thing I see right now is, I should get a gift deed which would justify everything since I can also include my paystubs as a supporting document.