Valuation of imported plant & machimary

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kapil singhal

kapil singhal (Querist)
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01 August 2013 Please provide the valuation method of imported fixed asset with reference to AS-10 and AS-11.

Kumar

Kumar (Expert)
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01 August 2013 AS 11 - At exchange rate on the date of bill of lading to be precise

AS 10 - Duties whose input credit is not taken to be included in the cost of the asset

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kapil singhal

kapil singhal (Querist)
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02 August 2013 Please clarify that, whether the loss or gain from foreign exchange fluctuation is to be capitalized into the value of machinery or not?

Kumar

Kumar (Expert)
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06 August 2013 Loss has to be taken to P&L for books and should be capitalised for Income tax purpose

If you have borrowed a loan in foreign currency and there is exchange gain / loss in the loan then you can capitalised it to the fixed asset which was purchased out of that loan subject to certain conditions

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