I am a secretary of a CHS in Mira Road -Thane- Maharashtra. I had a query related to the transfer money of a flat sale. Below I have tried to explain. Your expert advice is needed
A Person Mr X. in our society sold a flat to Mr. Y. Mr. Y paid the transfer fees of 25,000 to the society while the flat was in the process of being purchased. For some reason the deal could not go through and hence the society had to return the transfer fees back to Mr Y.
Now in this case can the society refund back the transfer fees to Mr. Y and what should be mentioned in the books of account as he is not a member of the society. If not then we could transfer the fees back to Mr. X, but then Mr X has passed away and the name of the flat is still on his name and has not been transferred to their son. So in this case can we refund the money to Mr X. son.
I C Naik
Return to Y as it could not be accounted as transfer fees.
