Settlement funds from parents

[kaushalyap]

Hi,

My father is selling a land he owns to accommodate the settlement funds for me. In this regard, what documents should I send as POF. I can get a notarized gift deed and is it required to show the land transfer papers or something like that to prove from where my father got the money?

Further I'm planning to get the funds only after getting the ITA, will there be any problem since the funds won't be in my account for a period of six months?

Please advise..

Thanks in advance.

 

[sushsmart15]

It is not mandatory to have the funds maintained in your bank account for 6 months. However, you must submit last 6 months bank statements.
Yes, you can show these documents as the source of funds, after the money is transferred to your bank account. Also, your father needs to sign a self-declaration stating that this money is a gift to you and need not be returned to him.
A bank certificate which confirms your current available balance and/or FD details will be required as well.
You must scan all these documents in a single PDF.
All the best.

 

[kaushalyap]

thank you very much.. :-* :-*