Please Help! panicking right now over house sale in 2015
My family sold a residential house in Mumbai in 2015 for approximately ₹55 lakh. In the same year, we used the entire sale proceeds to purchase another residential house in Pune. However, we did not file an Income Tax Return (ITR) for that year and did not separately report the sale or claim any capital-gains exemption.
Now, approximately 11 years later, in 2026, we have received an Income Tax notice showing a tax demand of more than ₹1 crore in relation to that property transaction, we don’t have that kind of money at all.
What can I do here?
What should be my next steps?
Can this easily go away?
Thank you.