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Please Help: TREATMENT OF FOREIGN EXCHANGE INCOME IN RESPECT OF LOAN TAKEN FOR ACQUISITION OF FIXED ASSETS

Posted Date : 13-Aug-2013 , 07:16:08 pm | Posted By: Nipun Bansal

Category : Income Tax | Answers : 1| Comments : 1| Hits: 234

WHETHER FOREIGN EXCHANGE INCOME IN RESPECT OF LOAN TAKEN FOR ACQUISITION OF FIXED ASSETS WILL BE TAXABLE AS PGBP INCOME ALTHOUGH IN BOOKS OF ACCOUNTS SAME DIFFERENCE IS REDUCED FROM VALUE OF FIXED ASSETS ON THE BASIS OF AS 11

Answers:
   Answer by: Vaneet Gupta
Yes
Comments
Posted By : SUBHASH KUMAR JHA 16-Aug-2013, 10:35:26
No yuit will not be taxable as PGBP income rather it will be deducted from the cost of acquisition.
 

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