Hello,
I tried searching for a similar query but was unable to find any such resemblance to my query.
Majority of our housing society members had agreed for redevelopment process and was duly inititiated by proper methods of tendering and by SGM voting a builder was finalised. A DA was enetered into by the society with the builder with a term of 5 years. The Builder had agreed a certain extra % as free space to each member and he had also agreed to provide additional space to interested members at a discounted rate. Accordingly, as per a special resolution, the interested members (for additional space) were requested to deposit 10% of the total value with the society. We paid Rs 75,000/- based on the calculation. The society managed these deposits well by creating FDs for the total depsoit collection with nationalised banks. Due to a few members creating a complexity regarding redevelopment, this got stretched and the redevlopment never got finalised. The DA expired and after some more efforts also the result was not good. Meanwhile, a lot of changes have taken place in terms of the redevelopment rules and the redevlopment process has been put on hold. Based on requests from some members who had paid this depsoit for additional space, a SGM was convened and it was resolved that the FDs would be encashed and the full receipt including interest would be paid back to all the members who had paid this deposit.
Now the main issue is that the flat is in the name of my mom and the depsoit was paid from her savings account; but we haven't applied for any PAN as she has had no income and the savings was purely savings from income of the earning members. The CA of the society has mentioned that the funds cannot be released with a PAN copy. After many deliberations, he said that in case there is no PAN, we need to submit a Form 60. I am not sure but I think Form 60 is not relevant. Am I correct? If so, what should we do? Also, if there is no harm in providing a Form 60, can we go ahead and submit it?
I would appreciate if someone could give us some guidance on this.
Thank you in anticipation for your time and response.
