I have cad 6000 fixed deposit opened 1 month back, what documents do I need to give to include it in pof? Is the FD advice enough or do I need to give anything else? Basically, I am thinking of having my dad open an FD in my name instead of getting it as a gift and then having to explain it to CIC? so would an FD advice work or do we need to provide background of FDs also? as in the source from where it was created and all if its less than 6 months old?
POF : 6 months average balance requirement
- Thread starter vsgautam
- Start date
Pls help, i have two accounts in two different banks, one is saving accounts( joint with spouse) and second one is salary account, but For POF all amount exists in saving accounts from last 6-7 months. And salary account hv nt much money bcoz i used it for home expensives or for daily use so always balance is below than $100. Only in the first week of every month balance goes up when salary transfered to it. So now question is-: Bank statements are mandatory or not. I have more than six months old balance in my joint account with my spouse and average balance is also same as current balance, just 3-4% variation. If im sending bank letter which stating average balance for last six months, current balance, credit card accounts( limits and balance available), no loan then bank statement for last six months should be submitted or not. And should i submit same letter ( no loan, current balance, avg balance, credit cards) for salary account from other bank or statement is mandatory
Jkal said:
Thanks jkal. Suppose my dad is gifting 8000 cad to me, so is the copy of the cheque he deposits along with notarized declaration enough for POF? and in case someone's application gets rejected for pof issues, do they refund the processing fee?
Thanks asivad, another question. My dad has a sole proprietorship firm in which I appear as a lender who lent the firm 10k CAD in the last balance sheet of the firm. Is it better to show money given by my dad to be as gift or as refund of this loan? In case the answer is refund of loan, what documents would be required?
vipulgoyal88 said:
Recommend showing a gift. Support that with all possible documentation and evidence of funds transfer from their account to your account.
What all documents we need to furnish in case we are selling off our gold? Also, can it be recent or I have to wait for six months after selling off?
karans71184 said:
Original sale receipt preferably from an authorized buyer (rather than a handwritten paper receipt from a random stranger, for instance) along with proof of depositing sale proceeds into your bank account. This transaction need not be 6 months old, you can do this on the day you submit your post ITA application and it will still be valid POF if you can upload all required documents.
My Provident Fund (PF) with current company is going to be a significant portion of PoF in my case. (almost 2K CAD).
http://www.businesstoday.in/moneytoday/cover-story/facts-about-employee-provident-fund-epf-impact-savings/story/192006.html
Refer Point #6:
Many other searches on the net/forums indicate, that Immigration (or Marriage expense) entitles a person for 'immediate' withdrawal.
(In other cases, there is 60 day waiting period)
If that's the case, I think there should be some "authorized-letter/passbook print" that we can take, to show that these funds are OURS + unencumbered + will be readily en-cashed in a really short amount of time.
Oh, and to answer a query in this thread-
WE CAN take a print of our balance statement in this "PF account" - from a govt. site :
http://www.epfindia.com/site_en/
I completely agree with the view : "Why build complications in our case with this..."
BUT,
For folks who have significant funds in PF-saving to show in PoF, this should be resolved.
If somebody who has actual experience with similar situation helps, that would be great.
Thank you all!
bhushans
http://www.businesstoday.in/moneytoday/cover-story/facts-about-employee-provident-fund-epf-impact-savings/story/192006.html
Refer Point #6:
Many other searches on the net/forums indicate, that Immigration (or Marriage expense) entitles a person for 'immediate' withdrawal.
(In other cases, there is 60 day waiting period)
If that's the case, I think there should be some "authorized-letter/passbook print" that we can take, to show that these funds are OURS + unencumbered + will be readily en-cashed in a really short amount of time.
Oh, and to answer a query in this thread-
WE CAN take a print of our balance statement in this "PF account" - from a govt. site :
http://www.epfindia.com/site_en/
I completely agree with the view : "Why build complications in our case with this..."
BUT,
For folks who have significant funds in PF-saving to show in PoF, this should be resolved.
If somebody who has actual experience with similar situation helps, that would be great.
Thank you all!
bhushans
JKA1234$ said:
Preferably joint account with the PA's name on it. CIC explicitly asks for POF from PA.
I support the argument of some members that EPF will not be treated as a component under POF. However, PPF will. This is because, PPF amount is highly liquid and gets transferred to your bank account upon any withdrawals.
REMEMBER, the amount available for withdrawal under PPF is calculated through some specific formula by the system. Let us take an hypothetical example of transactions under PPF a/c.
Deposit in 2010 - INR 500
Deposit in 2011 - INR 1100
Deposit in 2012 - INR 300
Deposit in 2013 - INR 500
Deposit in 2014 - INR 400
Deposit in 2015 - INR 600
TOTAL BALANCE in PPF acc - INR 5000 (This 5000 includes amounts deposited before 2010 too)
So the amount available for immediate withdrawal would be somewhere around 400-500 (this is the amount which CIC would be interested in and not INR 5000)
I did submit a bank certificate explicitly mentioning the total balance and funds available for immediate withdrawal under PPF account, along with the statement of PPF account. It was received by them.
I hope this clarifies the confusion related to PPF account to some extend
REMEMBER, the amount available for withdrawal under PPF is calculated through some specific formula by the system. Let us take an hypothetical example of transactions under PPF a/c.
Deposit in 2010 - INR 500
Deposit in 2011 - INR 1100
Deposit in 2012 - INR 300
Deposit in 2013 - INR 500
Deposit in 2014 - INR 400
Deposit in 2015 - INR 600
TOTAL BALANCE in PPF acc - INR 5000 (This 5000 includes amounts deposited before 2010 too)
So the amount available for immediate withdrawal would be somewhere around 400-500 (this is the amount which CIC would be interested in and not INR 5000)
I did submit a bank certificate explicitly mentioning the total balance and funds available for immediate withdrawal under PPF account, along with the statement of PPF account. It was received by them.
I hope this clarifies the confusion related to PPF account to some extend
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