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Valuation of imported plant & machimary

This query is : Resolved 
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(Querist)
01 August 2013 Please provide the valuation method of imported fixed asset with reference to AS-10 and AS-11.
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Kumar

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Kumar (Expert)
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

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kapil singhal (Querist)
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?
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Kumar

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Kumar (Expert)
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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