Receieved it notice

Hi Jagannath,

I have found a similar case and posting a link of solution for your query, Please go through it:

https://www.ngoandtaxconsultant.in/2013/10/income-tax-return-has-to-be-filed-if.html

Notice is sent because IT Department wanted to know the source of your income and how you have purchased the property. Since you have sold your shares there must be LTCG on shares, which are exempt but give details in your Income Tax return. It will solve your case.

Since you have stopped filling of income tax return, the department has a right to know your current status. More over they are armed with the information of your purchase of immovable property without having any declared source of income, give rise to their suspicion which you need to clarify.  Now only course of action available with you is to file a reply to the notice.  Since it is not a notice asking you to file a return, a reply should suffice.  Your reply should be exhaustive, elaborate giving full particulars of your income for the year, whether or not taxable and declaring complete source of investment.  Once satisfied, the AO may close the inquiry and you may need not to file the return.  If not satisfied with the explanation, he may ask you to file the return by issuing a notice.

Thanks