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of <h1>Exchange rate changes on foreign asset purchases adjust asset cost for tax by adding or deducting payment-time difference</h1> Where an assessee acquires an asset from outside India for business or profession and, due to a change in the rate of exchange after acquisition, the Indian-currency liability at payment increases or decreases, the amount of that increase or reduction taken into account at payment must be added to or deducted from the asset's actual cost, specified capital expenditure, or cost of acquisition for tax purposes. This rule applies regardless of accounting method, excludes liabilities discharged by others, and permits computation with reference to a specified exchange rate under an authorised dealer contract; 'rate of exchange' and currency terms follow Central Government and FEMA definitions.
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