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Exchange loss

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 January 2013 Dear Expert,

We booked the Import purchase @ 52 per dollar in the month of April 2012 and now wants to make payment in Jan 2013 and suppose the $ rate is 54, can we book the loss of difference amount even if the payment is made in the same financial year ?

Hope my query is clear to you

Thanks
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srinivasan

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srinivasan (Expert)
07 January 2013 Yes. You should. However if the purchase is of a capital goods the loss should be added to the cost of the asset for income tax purpose.
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
07 January 2013 yes in this case you must book loss in the same F.Y.
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