foreign exchange
This query is : Resolved
10 November 2017
if we had taken loan from other country for purchase of fixed asset and foreign exchange gain is arised so what s treatment of this gain whether it will be added or reduce from cost of asset??? with journal entry???
11 November 2017
the gain if any should be accounted for as the income of that year
11 November 2017
As per the accounting standard, exchange difference is to be added / deducted from the value of asset.
For the purpose of Income tax:-
+ if the asset is also acquired abroad, treat as said above.
+ if the asset is domestically acquired, gain or loss should be recognised as
revenue.
For the purpose of Income tax:-
+ if the asset is also acquired abroad, treat as said above.
+ if the asset is domestically acquired, gain or loss should be recognised as
revenue.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- SFT Cash Deposit in Current Account
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- FORM 26A APPLICABILITY
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
