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Whether following receipt is allowable or not

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 August 2014 i have received advance amounted to 800000 relating to purchase of land.whether that amount is allowable or dis-allowable as per income tax act,if allowable whether pan details should be taken or not.
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Rupesh Jain

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Rupesh Jain (Expert)
12 August 2014 it is allowed if your are not doing the business of land sale and purchase.
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 August 2014 Whether Any details need to be taken from them or not
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 August 2014 Whether Any details need to be taken from them or not
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
12 August 2014 how will you disallow a receipt? you should always maintain proper KYC records of the payer such as address, PAN etc
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