Proof of Funds: Format of Gift Deed, Affidavit and LOE

[vis.sneha]

Yes, I should do that. But, what I don't understand if a gift deed is a donation document, which means that I have to pay taxes in my country for that money, and the lawyer also will ask me for 5% of the money. Or if it's just a paper where my parents and I state something and the public notary just certifies the signatures.

I can do both of them, but the donation document it's far more expensive because of the taxes that I would have to pay for the donation, and the money that the lawyer will ask me.

Gift deed is tax free in India, if it is from close relatives.. It is not a donation document. U need to do notary.

https://www.myloancare.in/tax/gift-tax/

 

[yghon11]

hello, u can ask me here.. or email me- sneha.7290@gmail.com

Hello @vis.sneha I have sent an email to you. Please response when you are free

 

[Emjay36]

Dear all,
i got the ITA last week and now figuring out the POF. I'm currently having no bank saving account which is 6 months old. I only have bank statement which states my monthly salary whose balance is not enough.

• For the minimum required amount for 1 family member ($12,300), I intended to ask my father give $12,300 as a gift to me, then I will prove it as gift deed. Or the 2nd option, I will ask my father transfer the ownership of the house to me, then I'll liquidate house and deposit the money into my account. For the 2 options, I'm just afraid of the "6 months old" concern.
• The last option is to ask my father transfer the ownership of his bank savings to me which is already more than 6 months, but the amount of money is much more than $12,300.

Senior member please help to advice!!! Thank you.

Hey, what's the update on this ? Kindly share

 

[Emjay36]

Hey folks! a quick question about when to get a gift deed. i received a gift from my parents but this was after I received my ITA. Would the fact that i disclosed I have sufficient funds to meet the minimum threshold on the EE application before receiving the ITA count as misrepresentation? Anyone who has got a gift deed done after receiving an ITA??

Hello , have you gotten a response to this ??

 

[vis.sneha]

Hey, what's the update on this ? Kindly share

I dont know about update. But best thing to do is make a Fixed deposit as you get the money in account. No need for account to be 6 months old.. only 1 week statement will be required. So i suggest to take gift deed from dad and immediately make FD out of it. U need to show urs and dad's statement with this transaction in it, FD letter and Bank letter confirming this amount. Thats it.

 

[vis.sneha]

Hello , have you gotten a response to this ??

You can do Gift deed after you get ITA. No problem. Infact it shud be done once you get ITA.

 

[Emjay36]

I dont know about update. But best thing to do is make a Fixed deposit as you get the money in account. No need for account to be 6 months old.. only 1 week statement will be required. So i suggest to take gift deed from dad and immediately make FD out of it. U need to show urs and dad's statement with this transaction in it, FD letter and Bank letter confirming this amount. Thats it.

Thanks a lot for the quick response.
Just to clarify further, I have a few questions.

1. Can I get 100% gift deed from my dad ?
2. Can I get POF after I get the ITA before I submit my documents?
3. When you said I should show my dad's account statement, I know I have to show my average 6 months statement, do I have to show my dad's as well? Isn't he just a donor? and with gift deed Letter and affidavit , isn't that enough?


I'll appreciate your response a lot .
Thanks

 

[vis.sneha]

Thanks a lot for the quick response.
Just to clarify further, I have a few questions.

1. Can I get 100% gift deed from my dad ?
2. Can I get POF after I get the ITA before I submit my documents?
3. When you said I should show my dad's account statement, I know I have to show my average 6 months statement, do I have to show my dad's as well? Isn't he just a donor? and with gift deed Letter and affidavit , isn't that enough?


I'll appreciate your response a lot .
Thanks

1. Yes
2. Yes. After ITA and before AOR.
3. Only transaction details should be reflected in dad statement. Maybe 1 week will suffice. Just to be on safer side.
But you will have to make FD. In case of FD, Only 1 week statement shud be enough. Both yours and dad's. 6 months not required.
If u are not intending to do FD, then you have to keep the entire amount in account for 6 months and then submit ur docs, which is not possible.

 

[Emjay36]

1. Yes
2. Yes. After ITA and before AOR.
3. Only transaction details should be reflected in dad statement. Maybe 1 week will suffice. Just to be on safer side.
But you will have to make FD. In case of FD, Only 1 week statement shud be enough. Both yours and dad's. 6 months not required.
If u are not intending to do FD, then you have to keep the entire amount in account for 6 months and then submit ur docs, which is not possible.

Thanks Sneha. Apologies if my questions are too much. This should be my last, whether I open a fixed deposit or not ( I'll most like continue with my savings account) , does the donors (my dad) average account balance for the past 6 months matter ? Or just mine?

I know if it's not a FD, my bank has to give Average account balance for 6 months, but does my dad has too as well ?

 

[vis.sneha]

Thanks Sneha. Apologies if my questions are too much. This should be my last, whether I open a fixed deposit or not ( I'll most like continue with my savings account) , does the donors (my dad) average account balance for the past 6 months matter ? Or just mine?

I know if it's not a FD, my bank has to give Average account balance for 6 months, but does my dad has too as well ?

No issue.. I am here to clarify doubts.
Donors account balance doesn't matter... infact some say their bank statement is not even required. I gv 1 week statement showing gift deed transaction just for safety.
Only your bank balance for 6 months shud be equivalent to POF required. Nuthing to do with dad account.

 

[Emjay36]

No issue.. I am here to clarify doubts.
Donors account balance doesn't matter... infact some say their bank statement is not even required. I gv 1 week statement showing gift deed transaction just for safety.
Only your bank balance for 6 months shud be equivalent to POF required. Nuthing to do with dad account.

Thanks so much. I'm so grateful.
You have cleared my major doubts. Now I'm in the pool with crs of 481, just waiting for the FSW draw.
Any idea when that will resume?

 

[vis.sneha]

Thanks so much. I'm so grateful.
You have cleared my major doubts. Now I'm in the pool with crs of 481, just waiting for the FSW draw.
Any idea when that will resume?

You are welcome to ask doubts.
God only knows when things will start. I got my COPR in Jan and it is expiring this month. Tired of waiting. Just continuing my life here. Nuthing can be done.

 

[Mike@2019]

Thanks a lot for the quick response.
Just to clarify further, I have a few questions.

1. Can I get 100% gift deed from my dad ?
2. Can I get POF after I get the ITA before I submit my documents?
3. When you said I should show my dad's account statement, I know I have to show my average 6 months statement, do I have to show my dad's as well? Isn't he just a donor? and with gift deed Letter and affidavit , isn't that enough?


I'll appreciate your response a lot .
Thanks

1. Yes
2. Yes
3. I did not submit my dad's statement. I only submit my 6 months statement, the gift deed and transactions receipts from dad's account to mind.

I also didn't open a FD.

Everything is passed now as per GCMS notes.. But I'm still waiting for PPR because of the pandemic.

 

[Pwnmann123]

Do we need to show proof of funds for express entry if we have LMIA (to support PR only) and ainp nomination ? Outlander

 

[meenah2hot]

Please can I show 2 POF. As gifts from my dad and sale of my land property, please how would I show documents of sale of my property. Thanks