Parse Error Problem - Newbie

Hey everyone, I am new to drupal and trying to get a hang of module coding. This is what I have done so far :

function deallocmodule_menu() {
$items = array();
  $items['deallocmodule/form'] = array(
    'title' => t('Deallocation Form'),
    'page callback' => 'deallocmodule_form',
    'access arguments' => array('access content'),
    'description' => t('Form for Deallocating Resources'),
    'type' => MENU_CALLBACK,
  );
  return $items;
}
function deallocmodule_form() {
  return drupal_get_form('deallocmodule_my_form');
}
// Create a fieldset for the form for Resource details:

function deallocmodule_my_form($form_state) { 
$form['Dealloc'] = array(
'#type' => 'fieldset',
'#title' => t('Resource Details'),
);
// Textfield for resource details
$form['resource']['UserID'] = array(
'#type' => 'textfield',
'#title' => t('User ID'),
'#size' => 10,
'#description' => t('Assigned ID of the Resource to be Deallocated'),
);
$form['resource']['ProjID'] = array(
'#type' => 'textfield',
'#title' => t('Project ID'),
'#size' => 10,
'#description' => t('Assigned ID of the Project to which the Resource is presently allocated'),
);

// Finally, a submit button:
$form['submit'] = array(
'#type' => 'submit',
'#value' => t('Deallocate Resource'),
);
return $form;
}


function deallocmodule_my_form_submit($form,&$form_state) 
{
$uid = $form_state['values']['UserID'];
$pid = $form_state['values']['ProjID'];

//Here check to see if the record exists of such allocation in the rms_Allocation Table, if it does then change the status to 'deallocated'
//and fetch the allocationtypeID, according to allocationtypeID make subtraction/addition to the SumPercent in User Table

	function dealloacmodule_update($node)
	{
	//check if the resource record exists in parameters with ProjID and UserID
	$exists = db_result(db_query('SELECT AllocID FROM rms_allocation WHERE UserID = %d AND ProjectID = %d', $node->uid,$node->pid));
		if($exists <> null) 
		{
			db_query("update rms_allocation set Status = 'Dealloacted');
		}
	else
		{
		drupal_set_message(t('The resource has been dealloacted.'));
		}
 
 //Now Subtract the SumPercent Allocated of the Resource according to the allocation type. 
 
	}
}

- The problem is that this code doesn't compile and gives an error which is :
Parse error: parse error, expecting `T_VARIABLE' or `T_DOLLAR_OPEN_CURLY_BRACES' or `T_CURLY_OPEN' in C:\wamp\www\sites\all\modules\Deallocation Module\Deallocation.module on line 74

- Please tell me what I am doing wrong, I feel like its a very silly mistake.
Thanks!