Informing large transactions to income tax department

Nothing of that sort is required. It is enough if you properly account for the income (including capital gain if any) in the income tax returns. Needless to say, you should keep proper documentary proof with you for all the sources of such incomes. There are ways in which you can save capital gains tax.  For this you have to get in touch with a Chartered Accountant in your area immediately after you sell the property. This is because you have to take some steps whenever there is capital gain within 6 months of the sale.  So, while you can file the return for financial year 2018-19 in July 2019, still some more action may be needed as and when you sell the property.  Therefore, it is advisable to get in touch with a Chartered Accountant.

If the credits in bank a/c as per sale consideration narration in sale deed, IT shall suffice..

You may inquire about proof of source of funds of buyer as well…

You may keep copies of instruments of transaction and bank pass book ready to reply if any query arises..

You may preferably in advance ( not later) discuss with  your own very able senior LOCAL counsel of unshakable repute and integrity specializing in revenue/civil matters and CA…..having successful track record ….. and well versed with year wise and latest notifications and SoP…. and worth his/her salt …and discuss in person and even with seasoned PIP and proceed in best of your interest.. 

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