I transferred 60% of my POF to by wife's bank account as I was not expecting an ITA during that time (last year)and I wanted to invest that money in my home country.
1- When I received my ITA, I took back that money but in the form of cash as my country currently imposes restrictions on transferring cash plus it costs more to transfer it online. Any idea if this will cause me any issues ?
2 -In addition, we are also receiving a gift from my in-laws that would be deposited into my wife's account however it will not be a bank to bank transfer as this was cash savings. Any inputs/ideas ?
As there won't be any trace as to where this money is coming from your only option is to explain your situation in a LOE and hope it will be sufficient.
You can get a gift deed for the money you'll receive from your in-laws but again, there won't be proof of transfer.
I transferred 60% of my POF to by wife's bank account as I was not expecting an ITA during that time (last year)and I wanted to invest that money in my home country.
1- When I received my ITA, I took back that money but in the form of cash as my country currently imposes restrictions on transferring cash plus it costs more to transfer it online. Any idea if this will cause me any issues ?
2 -In addition, we are also receiving a gift from my in-laws that would be deposited into my wife's account however it will not be a bank to bank transfer as this was cash savings. Any inputs/ideas ?
1. Cash deposits, it is difficult to prove that the funds did not originate from a loan. You need not necessarily withdraw the funds from your spouse's account, you can show it as POF as long as the spouse is accompanying.
2. Again, as explained above, source of cash deposits would be difficult to prove, transfer the funds to your spouse's account and get a gift deed to explain the same.
