Advise on adding confirming party for receiving payment

Dear Sir, Please advise me on bellow 1) I am purchasing an agriculture land in Palghar district of Maharashtra. Out of total deal value, the seller is suggesting that 35% amount of cheque is to be paid on the name of owner of land whose name is on 7/12 and balance 65% amount of cheque is to be paid on his own Pvt. Ltd. company name which he will add as a confirming party in agreement document. Please suggest - whether it is permissible as per law ? since the company name is not there on 7/12 2) Is there any Income Tax scrutiny limit ( I heard that deals above 30 lacs are comes under IT scruitiny and bellow 30 Lacs does not come) - Please advise