The amount of settlement is compensatory in nature therefore no income tax is payable on it.
For detailed discussion, please share RERA order. You may opt for phone consultation
The builder has paid the amount of 90 lacs to me as settlement amount under RERA order as the construction has not started. The said amount break up is below: 1. 53 lacs to be paid back to the bank to close the home loan 2. 17 lacs was towards the amount paid by me as principal amount to builder. 3. 20 lacs was towards PEMI which was paid to the bank. Please let me know the taxability for the above receipts under Indian Income Tax considering me as NRI