Valuation of imported plant & machimary
This query is : Resolved
kapil singhal
(Querist)
01 August 2013
Please provide the valuation method of imported fixed asset with reference to AS-10 and AS-11.
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
AS 10 - Duties whose input credit is not taken to be included in the cost of the asset
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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?
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
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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