Tax refund cannot be credited to any fund

Annie Carvalhi

I am a member of New Trinity Co-op.Hsg.Society in Orlem, Malad West, Mumbai.
Recently the B.M.C. has refunded an amount of about Rs.5 lacs to the Society in respect of Property Tax refund.

I would like to know if this amount should be refunded to the society members or are they at liberty to retain the amount in the Society’s fund for future repairs etc.

Your early advise would be much appreciated.

I C Naik

The tax refund is to be returned to members or can be retained to pay tax demands in immediate future demands. It cannot be credited to any fund.