Hello, We borrowed money from people to send our son to college in US. We had a property which we were able to sell after a year he went to college but not at the price we expected to sell. Hence, the entire money we got from selling the property went towards his college fees and in repaying the money we had borrowed. As of today we don't have any property to sell and are under debt. Last month we received a notice from IT dept. for penalty for default of payment of income tax on the property we sold in FY 2013-2014. What can be the consequences in such a scenario. Any help on this would be hugely appreciated.