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Q. > Please Help: TREATMENT OF FOREIGN EXCHANGE INCOME IN RESPECT OF LOAN TAKEN FOR ACQUISITION OF FIXED ASSETS
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
1 Answers
answered Sep 17, 2013 by Vaneet Gupta , Delhi
Yes
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SUBHASH KUMAR JHA
16-Aug-2013 , 10:35:26 amNo yuit will not be taxable as PGBP income rather it will be deducted from the cost of acquisition.