Got notice from Income Tax ,
Whereas in the course of proceedings before me for the Assessment Year 2017-18, it appears to me that
you have failed to comply with the provisions of section 269SS of the Income Tax Act, 1961.
You are hereby requested to appear before me either personally or through a duly authorised
representative at 01:00 PM on 19/03/2020 and show cause why an order imposing a penalty on you
should not be made under section 271D of the Income Tax Act, 1961.
If you do not wish to avail yourself of this opportunity of being heard in person or through authorised
representative, you may show cause in writing on or before the said date which will be considered before
any such order is made under section 271D of the Income Tax Act, 1961.
Additional Remarks: As per our record, you have sold immovable property during F.Y.2016-17 for a
sum of Rs.649000/- out of the said sale consideration you have received Rs.649000/- in cash by violating
provision of section 269SS of the IT Act, 1961.
Under the circumstance, you are requested to comply the notice with following details and documents:-
Copy of the agreement or any document showing mode of payment received by you in consideration of
sale of immovable property.
Copy of the relevant pages of bank account where the sale consideration has been deposited.
Copies of your IT return, Balance Sheet and computation of income."
I Got this notice because I gifted one property to Father-In law of my Daughter. I forgot to write that it's Gifted and Lawyer make normal Did for it. In which value of property is 649000/- . And it's sold
Now they are asking for full penalty, what to do ?