Proof of funds-EE (FSW)

[priyankabhalla]

Hello everyone
Received ITA on 14th Feb 2024 (Healthcare category). I have all documents ready to be submitted but have some doubts related to POF. I am a new member and hoping to get some answers

1) I have 7.5L INR (12245 CAD) in my bank account as savings. The said amount was transferred from my mother in the last few days in form of UPI (hence it was in installments since UPI limit is 1L per day). This money is mine and since past 3 years I was giving her a portion of my salary for safe keeping since I am a lousy spender. And now she has sent me the saved money back. I have written a LOE to explain the same and also attached bank statement of last financial year which clearly shows that I have every month deposited money in my mothers account and I have highlighted those transactions as well. I wanted to know if Ill face any issue regarding this.

2) The remaining 1.5L I have in my Stocks account (Zerodha). Can I show a proof of my portfolio and will this be counted as POF or should I liquidate the money and put it in my bank? Taking out my stocks might result in some loss of money so I was hoping to keep them intact and if its possible to show just the portfolio and the P&L as proof of investment

 

[jyothisjohn]

Not completely sure but just a suggestion:
1) Better to have a signed affidavit from your mother as well, confirming that she is just returning your money to you
2) Equity holdings are considered highly volatile and not easily liquidated so I doubt that it will be seen as a valid POF. Better to have it liquidated to be shown as ready cash available in hand. A fixed deposit would be fine as well.

 

[priyankabhalla]

Not completely sure but just a suggestion:
1) Better to have a signed affidavit from your mother as well, confirming that she is just returning your money to you
2) Equity holdings are considered highly volatile and not easily liquidated so I doubt that it will be seen as a valid POF. Better to have it liquidated to be shown as ready cash available in hand. A fixed deposit would be fine as well.

Got it. Someone advised me to just show all of the money as a gift from my mother through a signed affidavit. It will much more simpler and legitimate. So I guess even though it is all my money, Ill show it as a gift from my mom to avoid any delays in the process.
Thanks for you help!!

 

[iSaidGoodDay]

Got it. Someone advised me to just show all of the money as a gift from my mother through a signed affidavit. It will much more simpler and legitimate. So I guess even though it is all my money, Ill show it as a gift from my mom to avoid any delays in the process.
Thanks for you help!!

Affidavits aren't required. In most other parts of the world, they don't even exist so IRCC understands that.

You should search the forum for past similar threads and get your answers.