Proof of funds from father-in-law

[syedtahirbukhari]

I have recently opened a joint account of me and my wife. My father-in-law has given us cheque as gift. Now problem here is, that he made cheque for my name, so is this gift acceptable for the name of son-in-law??

Or should I write in gift deed both the names, i.e. my name as well as my wife name.. for instance,

I am making a gift-deed for a gift made on dated of 00/07/2019, Rs. 000000/-
(Rupees Only) out of love and affection to my daughter (my wife name) w/o (my name) and Son-in-law (my Name), S/o (my Father Name).

 

[dotslash227]

Yes, the gift is acceptable. And you will need a gift deed from your father-in-law in your name, because, he wrote the cheque to you and not to your wife.

 

[syedtahirbukhari]

As this gift is not from my own father, so will tgis make my application weak?

 

[syedtahirbukhari]

Also let me know can i make gift deed in the name of my wife and me together to strengthen the case. Moreover, is it necessary to keep them in our joint bank account for 6 months ??

 

[dotslash227]

As this gift is not from my own father, so will tgis make my application weak?

No, it won't.

 

[dotslash227]

Also let me know can i make gift deed in the name of my wife and me together to strengthen the case. Moreover, is it necessary to keep them in our joint bank account for 6 months ??

You can do that too.

It is perfectly legal and tax exempted if you receive any monetary gifts from a direct ascender or descender of your spouse.

 

[syedtahirbukhari]

Is there any problem in the ageing of account?
as the account is recently opened, i.e only 1 month older..

 

[KOMARI]

No, it won't.

Does this mean that if one gets the whole POF from his sister in law, is the same as getting it from his own father? My problem is that my father is having an issue with his bank account.So, i am thinking of giving the money in cash to my sister in law to transfer it from her bank account to mine. I can also give it to my accompanying wife and have her transfer it to me and get a gift deed from her. What do you think is the best option? Thanks in advance.