Sold property but not filed return

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Dear Sirs
I am an NRI. My father, now 91 years old NRI, was then Resident indian. We sold joint residential property in FY 2012-13. We invested 100% of capital gain in REC bonds to save capital gain. I had no other income except some interest income of only Rs.1,25,000 on which 10% TDS was deducted. My father had interest income of Rs.80,000 only.
But we did not file tax return.
Can ITO issue notice?
How serious is the issue and what maximum penalty/ tax can be imposed? Thanks for your advice.
Ram

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Income Tax soniprasadram 9 months 0 Answers 165 views 0

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