Fx Rate.
This query is : Open
Guest
Guest
(Querist)
16 May 2011
Dear Experts.
Say someone purchased a capital asset (eg. shares) in a foreign country.
At what Fx rate is on required to pay tax on the profits realised, if the money is still in a banks in the US.
Example. Made a profit of $100. Now for paying tax, what FX rate in india will be used?
The cost of transferring the FX or closing rate?
Thank you for your time.
Say someone purchased a capital asset (eg. shares) in a foreign country.
At what Fx rate is on required to pay tax on the profits realised, if the money is still in a banks in the US.
Example. Made a profit of $100. Now for paying tax, what FX rate in india will be used?
The cost of transferring the FX or closing rate?
Thank you for your time.
17 May 2011
I think the foreign exchange rate on the date of credit of the income can be applied for the Receipts. The foreign exchange on the date of investment would have been already accounted at the time of investment. The difference can be the income on which tax is payable.
vipin kharbanda
(Expert)
17 May 2011
Profit shoulde be recoginsed at the date of trasaction.as per IAS-21
CA Jeen paul
(Expert)
18 May 2011
date of transaction
Guest
Guest
(Querist)
01 June 2011
Helps to buy the IT rules..
Rule 115A, deals with the above
Rule 115A, deals with the above
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
