treatment of exchange diff.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 December 2010
as per sec. 43A which is inapplicable in respect of asset purchased in India by foreign borrowings. what will be the treatment of foreign exchange loss/gain in respect of asset purchased in India by foreign borrowing
whether it should be treated as capital loss/gain
or
whether such exchange should be Dr/Cr in p&l a/c or
any other treatment
whether it should be treated as capital loss/gain
or
whether such exchange should be Dr/Cr in p&l a/c or
any other treatment
CA Manikandan.A.V
(Expert)
16 December 2010
You have to capitalise such difference in exchange.
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