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Forex Loss

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(Querist)
27 April 2011 Dear's

If Forex Loss due to purchase of machinery from USA.

Pls. Give A Entry and above loss can a take a part of capitailisation.

Kindly Advice To Me.
------
Thanks
Arun
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CA. Naveen Bhat

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CA. Naveen Bhat (Expert)
27 April 2011 First of all whether the loss is due to repayment of loan in foreign currency. If yes, then as per AS-11 the same needs to be charged to P&L. However, there is a difference of opinion on the same. As per Sch VI the same needs to be capitalised.
Hence if the amount is not material you can charged off the same.
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Arun Iyer

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Arun Iyer (Querist)
27 June 2011 Thank You sir
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