Legal Question in Administrative Law in India
My housing society is charging Rs5000 as penalty for arrears upto six months along with 24% p.a. interest is it legal?
Asked on 6/11/13, 9:03 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
12.06.2013
Dear Sir / Madam,
A co-operative housing Society is permitted to recover penal interest @ 24% per annum from members. If the Society has charged an adhoc Rs. 5,000/- in addition to the penal interest, it is incorrect and illegal. You should file a written protest objecting to it and asking the Society to immediately reverse the adhoc amount wrongly billed to you.
Regards,
Answered on 6/12/13, 3:30 am
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