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.

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

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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