Proof of funds - need help

[Spawnre]

Hey guys, I am from India and expecting ITA in next draw and was getting ready for POF. Please help me out with below queries.

I need to show approx 13000$ as POF. For this, I have
- Liquidated my equity shares upto 7000$. However, this has been done in previous month, so amount in bank account is NOT SIX months old. However, Equity shares are 2 years old, I plan to get statements from brokerage as proof.
- I have a current PF account with upto 5000$ [maintained by my company trust]. I got the letter from my company displaying total amount. But, statements I have to download electronically.
- Have another old PF account with 1500$ [EPFO account]. Will have to get statements from local pf office.

Lot of posts here and my useless consultant said PF will not be accepted entirely and better to find another source. So I am looking for other options to arrange extra funds to be on safe side.

1) We have around 4500$ in cash. I can ask my parents to transfer it to my account from theirs and make a gift deed. [Problem here is my parent's account do not have much money. I have to deposit the cash and then get it trasferred to mine]
2) My brother is in USA, I can ask him to transfer amount to my account - but no idea on how to get proofs/gift deed as he lives in USA.
3) My cousins/aunts here can transfer money and gift deed can be arranged.

Any thoughts or help? This had made me very anxious from past 2 days, as I read almost 50 threads by searching for POF with different inputs.

 

[cansha]

Hey guys, I am from India and expecting ITA in next draw and was getting ready for POF. Please help me out with below queries.

I need to show approx 13000$ as POF. For this, I have
- Liquidated my equity shares upto 7000$. However, this has been done in previous month, so amount in bank account is NOT SIX months old. However, Equity shares are 2 years old, I plan to get statements from brokerage as proof.
- I have a current PF account with upto 5000$ [maintained by my company trust]. I got the letter from my company displaying total amount. But, statements I have to download electronically.
- Have another old PF account with 1500$ [EPFO account]. Will have to get statements from local pf office.

Lot of posts here and my useless consultant said PF will not be accepted entirely and better to find another source. So I am looking for other options to arrange extra funds to be on safe side.

1) We have around 4500$ in cash. I can ask my parents to transfer it to my account from theirs and make a gift deed. [Problem here is my parent's account do not have much money. I have to deposit the cash and then get it trasferred to mine]
2) My brother is in USA, I can ask him to transfer amount to my account - but no idea on how to get proofs/gift deed as he lives in USA.
3) My cousins/aunts here can transfer money and gift deed can be arranged.

Any thoughts or help? This had made me very anxious from past 2 days, as I read almost 50 threads by searching for POF with different inputs.

Yes the proof of fund requirement is that funds are readily available. Hence, PF is not considered a good proof. Out of all your options, option 1 looks best as gift deed from parents has worked for many in the past.

If you want to use option 2, tell your brother to send money to parents’ account and then get money from them in your account and get gift deed done.

 

[Spawnre]

Yes the proof of fund requirement is that funds are readily available. Hence, PF is not considered a good proof. Out of all your options, option 1 looks best as gift deed from parents has worked for many in the past.

If you want to use option 2, tell your brother to send money to parents’ account and then get money from them in your account and get gift deed done.

Thanks a lot!

Since my parent's account do not have enough money, is it not a problem if money is deposited suddenly. I mean, do we have to provide bank statement of my parents as well as proof?

Will below documents suffice -
- Gift Deed [with cheque details etc]
- Affidavit [from my father]
Or
- If required, probably closing balance statement of fathers account.

 

[cansha]

Thanks a lot!

Since my parent's account do not have enough money, is it not a problem if money is deposited suddenly. I mean, do we have to provide bank statement of my parents as well as proof?

Will below documents suffice -
- Gift Deed [with cheque details etc]
- Affidavit [from my father]
Or
- If required, probably closing balance statement of fathers account.

I haven’t seen a case on this forum where account details of parents were sought. So you should be okay only thing you would need is a gift deed on plain paper.

 

[mr.preetsingh]

Thanks a lot!

Since my parent's account do not have enough money, is it not a problem if money is deposited suddenly. I mean, do we have to provide bank statement of my parents as well as proof?

Will below documents suffice -
- Gift Deed [with cheque details etc]
- Affidavit [from my father]
Or
- If required, probably closing balance statement of fathers account.

No need of so many such documents.

Withdraw your PF (takes 2 weeks) and put that money in your Savings account.
Get the money transferred to your account from your brother or father (whoever is the case). Do not transfer in multiple transactions (one transaction should be either less than 45 K or more than 1 Lacs).

If you have not received an ITA, then its good. Get the money transferred within a week.

Once you get ITA, submit your PR application after 30 days, which will give you around 2-3 months of bank statement. This is enough for Direct ITA.

However, if you are applying through PNP, then you need 6 months bank statement for sure.

 

[shg]

@mr.preetsingh @cansha @hope2018 @hamgha @legalfalcon @DelPiero07 @navinball @bimale4bipeople
POF requirement: $16000, PA account balance: $16423, avg of 6 months in bank letter: $17927.

1. I am the PA and had transferred $18000 to my spouse account 1 month before ITA, leaving me with very low balance. Just before ITA, my spouse transferred $3600 back to my account. Should this transfer be shown as gift deed from spouse as I am also taking spouse consent letter for using his bank funds of $15000.
2. There were some cash deposits of $1780 in my account just before ITA, can I include these in gift deed from spouse ?
3. Can there be 2 gift deeds shown for my account from my mother and spouse ?
4. I have taken consent letter from spouse for his salary account funds usage. He has a home loan going on from another bank. Is it required to disclose this home loan ?

 

[mr.preetsingh]

@mr.preetsingh @cansha @hope2018 @hamgha @legalfalcon @DelPiero07 @navinball @bimale4bipeople
POF requirement: $16000, PA account balance: $16423, avg of 6 months in bank letter: $17927.

1. I am the PA and had transferred $18000 to my spouse account 1 month before ITA, leaving me with very low balance. Just before ITA, my spouse transferred $3600 back to my account. Should this transfer be shown as gift deed from spouse as I am also taking spouse consent letter for using his bank funds of $15000.
2. There were some cash deposits of $1780 in my account just before ITA, can I include these in gift deed from spouse ?
3. Can there be 2 gift deeds shown for my account from my mother and spouse ?
4. I have taken consent letter from spouse for his salary account funds usage. He has a home loan going on from another bank. Is it required to disclose this home loan ?

Gift deed from spouse is not required. A consent is enough that you have access to her money.
No need to disclose that home loan.

 

[shg]

Gift deed from spouse is not required. A consent is enough that you have access to her money.
No need to disclose that home loan.

Thanks @mr.preetsingh ! I have 3 cash deposits in my POF account, summing up to Rs. 97,000. My POF requirement is $16000 and current balance is $16423. Should I explain these cash deposits ? If yes, then how to explain them ?