Proof of Fund issue

[darpan.aneja]

Hi All,
I am in a fix regards to POF. I have all the balance deposited in a joint account with my mother. I now learn that it's not considered valid POF. As I see I have following options
1. Remove mom as account holder.(I like it as it allows me to retain transaction history
2. Transfer funds to another personal account and submit along with a letter from mother and LOE. Please suggest which option is suitable.

 

[kryt0n]

1 would be the easiest.

 

[darpan.aneja]

Any other ways to handle the situation are also most welcome say should I create a gift deed.?

 

[darpan.aneja]

1 would be the easiest.

Thanks but will it invite any suspicion do you think?

 

[kryt0n]

Well it depends. When was the money moved in to the account?

On the day you produce a bank letter?/statements, it will just be in your name (the letter shouldn't indicate past names). If the statements are +6 months old then you won't need proof or an explanation of where the money came from. Otherwise you will need to produce a gift deed.

 

[darpan.aneja]

Well it depends. When was the money moved in to the account?

On the day you produce a bank letter?/statements, it will just be in your name (the letter shouldn't indicate past names). If the statements are +6 months old then you won't need proof or an explanation of where the money came from. Otherwise you will need to produce a gift deed.

Money is gradually deposited by me and wife from my and wife's personal salary accounts into this joint account that I hold with my mom say over a period of more than a year.

 

[darpan.aneja]

Money is gradually deposited by me and wife from my and wife's personal salary accounts into this joint account that I hold with my mom say over a period of more than a year.

Infact I hold this account from last 2 years and mom was added as a secondary account holder around 1 year back.
I will be required to submit 6 months statements in OINP and then will it create a issue if they found out that Mom withdrew her ownership recently.

 

[kryt0n]

Money is gradually deposited by me and wife from my and wife's personal salary accounts into this joint account that I hold with my mom say over a period of more than a year.

Even better. If your mum is ok to take her name off then you're fine.

 

[darpan.aneja]

Even better. If your mum is ok to take her name off then you're fine.

Yes she has no problem with that. But if OINP or CIC finds out in their enquiry with bank that Mom withdrew ownership recently is it ok? Sorry mate I am repeating myself I guess but just want to be double sure and not make another stupid mistake. Thanks a lot for your help Kryt0n

 

[kryt0n]

Yes she has no problem with that. But if OINP or CIC finds out in their enquiry with bank that Mom withdrew ownership recently is it ok? Sorry mate I am repeating myself I guess but just want to be double sure and not make another stupid mistake. Thanks a lot for your help Kryt0n

The only way cic will know is of the bank mention it on the letter. They wont run a enquiry. Even if they do, legally your mum forfeited the money and she no longer has access without you actually giving it to her. Don't worry! Cic don't contact banks!