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tax on capital recioept

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(Querist)
15 June 2010 amount earned by way of changes in foriegn currency exchange rates while importing a
machinery from outside India. whether taxable or not?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 June 2010 It is need to be adjusted with the Machinery and not taxable
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CA BHUMIKA

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CA BHUMIKA (Expert)
16 June 2010 According to my knowledge if any exchange difference arise while importing assets then rate difference should adjusted in amount of fixed assets and after that if any gain or loss accured then transfer to profit and loos a/c
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