Respected Lawyers,
I have a Pagadi Shop in Mumbai which I have now sold. The Purchaser has done the full payment in Cash but has not made any Reciept. The Purchaser has not even made any Agreement of Sale. The Purchaser has just taken a signature on a Surrender Letter on the basis of which he will transfer the Property in his name. Please guide me that Should there be an agreement of sale even in if its a Pagadi Shop. And whether a Cash Reciept is acceptable and whether it will work as a sufficient proof to show me as a Sale of Property when I deposit the cash in my Bank to show it for Income Tax.
