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Regarding foreign exchange gain

This query is : Resolved 
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(Querist)
23 September 2010 We have received the advance against export from one of our offshore client.It will be adjusted in coming years with invoices raised. Whether we need to convert this at closing rate also,

Whether gain arising on this will be taxable and whether it is allowable u/s 10B
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Hemu Kapoor

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Hemu Kapoor (Expert)
23 September 2010 Yes these are classifiable under monetary assets as specified in the relevant AS-11.

HENCE COMMAND A CONVERSION AS ON YEAR END.

YES WOULD BE TAXABLE OR ALLOWED
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