diff --git a/sycl/CMakeLists.txt b/sycl/CMakeLists.txt
index bb3d985ec4d29..c480e1267ca8e 100644
--- a/sycl/CMakeLists.txt
+++ b/sycl/CMakeLists.txt
@@ -6,6 +6,16 @@ set(CMAKE_CXX_STANDARD 11)
 set(CMAKE_CXX_STANDARD_REQUIRED ON)
 set(CMAKE_CXX_EXTENSIONS OFF)
 option(SYCL_ENABLE_WERROR "Treat all warnings as errors in SYCL project" OFF)
+option(SYCL_ADD_DEV_VERSION_POSTFIX "Adds -V postfix to version string" ON)
+
+set(SYCL_MAJOR_VERSION 0)
+set(SYCL_MINOR_VERSION 1)
+set(SYCL_PATCH_VERSION 0)
+set(SYCL_DEV_ABI_VERSION 0)
+if (SYCL_ADD_DEV_VERSION_POSTFIX)
+  set(SYCL_VERSION_POSTFIX "-${SYCL_DEV_ABI_VERSION}")
+endif()
+set(SYCL_VERSION_STRING "${SYCL_MAJOR_VERSION}.${SYCL_MINOR_VERSION}.${SYCL_PATCH_VERSION}${SYCL_VERSION_POSTFIX}")
 
 # enable all warnings by default
 if (MSVC)
@@ -200,7 +210,11 @@ add_subdirectory( source )
 
 # Auxilliary extras for SYCL headers/library
 if (NOT WIN32)
-  install(FILES "${CMAKE_CURRENT_SOURCE_DIR}/xmethods/$<TARGET_FILE_NAME:sycl>-gdb.py" DESTINATION lib${LLVM_LIBDIR_SUFFIX} COMPONENT sycl-headers-extras)
+  install(FILES
+      "${CMAKE_CURRENT_SOURCE_DIR}/xmethods/libsycl.so-gdb.py"
+      RENAME "${CMAKE_CURRENT_SOURCE_DIR}/xmethods/$<TARGET_FILE_NAME:sycl>-gdb.py"
+      DESTINATION lib${LLVM_LIBDIR_SUFFIX}
+      COMPONENT sycl-headers-extras)
 endif()
 
 # SYCL toolchain builds all components: compiler, libraries, headers, etc.
diff --git a/sycl/doc/ABIPolicyGuide.md b/sycl/doc/ABIPolicyGuide.md
index 09f3607101a5e..4a8bcd409d72f 100644
--- a/sycl/doc/ABIPolicyGuide.md
+++ b/sycl/doc/ABIPolicyGuide.md
@@ -32,7 +32,15 @@ Adding a new exported symbol is considered to be non-breaking change.
 
 ## ABI Versioning Policy
 
-TBD
+The release version of the DPC++ runtime library follows
+[Semantic Versioning](https://semver.org/) scheme: `MAJOR.MINOR.PATCH`. `MAJOR`
+version indicates breaking change. Version `X` is backwards incompatible with
+version `X-1`. `MINOR` indicates a non-breaking change. The development version
+of the library has a postfix `-V` that indicates breaking changes between
+releases. Every time a pull request introduces a breaking change, it must also
+uplift `V`. It is pull request author responsibility to accordingly update
+this version. If `V > 0` on release date, then `MAJOR_VERSION` is uplifted and
+`V` is set to zero.
 
 ## `__SYCL_EXPORT` Macro
 
diff --git a/sycl/source/CMakeLists.txt b/sycl/source/CMakeLists.txt
index d4619bfff785b..03c5312e6db7f 100644
--- a/sycl/source/CMakeLists.txt
+++ b/sycl/source/CMakeLists.txt
@@ -4,6 +4,11 @@
 #cmake_policy(SET CMP0057 NEW)
 #include(AddLLVM)
 
+configure_file(
+  ${CMAKE_CURRENT_SOURCE_DIR}/version.rc.in
+  ${CMAKE_CURRENT_BINARY_DIR}/version.rc
+  @ONLY)
+
 if (SYCL_ENABLE_XPTI_TRACING)
   if (NOT EXISTS ${LLVM_EXTERNAL_XPTI_SOURCE_DIR})
     message (FATAL_ERROR "Undefined LLVM_EXTERNAL_XPTI_SOURCE_DIR variable: Must be set when XPTI tracing is set to ON")
@@ -19,7 +24,10 @@ function(add_sycl_rt_library LIB_NAME)
   set(LIB_OBJ_NAME ${LIB_NAME}_object)
 
   add_library(${LIB_OBJ_NAME} OBJECT ${ARG_SOURCES})
-  add_library(${LIB_NAME} SHARED $<TARGET_OBJECTS:${LIB_OBJ_NAME}>)
+  add_library(${LIB_NAME} SHARED 
+              $<TARGET_OBJECTS:${LIB_OBJ_NAME}>
+              ${CMAKE_CURRENT_BINARY_DIR}/version.rc)
+    
   if (ARG_COMPILE_OPTIONS)
     target_compile_options(${LIB_OBJ_NAME} PRIVATE ${ARG_COMPILE_OPTIONS})
   endif()
@@ -74,6 +82,10 @@ function(add_sycl_rt_library LIB_NAME)
 
   add_common_options(${LIB_NAME})
 
+  set_target_properties(${LIB_NAME} PROPERTIES
+                        VERSION ${SYCL_VERSION_STRING}
+                        SOVERSION ${SYCL_MAJOR_VERSION})
+
 endfunction(add_sycl_rt_library)
 
 set(SYCL_SOURCES
diff --git a/sycl/source/version.rc.in b/sycl/source/version.rc.in
new file mode 100644
index 0000000000000..b5d947ff5bdb5
--- /dev/null
+++ b/sycl/source/version.rc.in
@@ -0,0 +1,26 @@
+#define VER_FILEVERSION             @SYCL_MAJOR_VERSION@,@SYCL_MINOR_VERSION@,@SYCL_PATCH_VERSION@,@SYCL_DEV_ABI_VERSION@
+#define VER_FILEVERSION_STR         "@SYCL_VERSION_STRING@\0"
+
+#define VER_PRODUCTVERSION          @SYCL_MAJOR_VERSION@,@SYCL_MINOR_VERSION@,0,0
+#define VER_PRODUCTVERSION_STR      "@SYCL_MAJOR_VERSION@.@SYCL_MINOR_VERSION@\0"
+
+1 VERSIONINFO
+FILEVERSION VER_FILEVERSION
+PRODUCTVERSION VER_PRODUCTVERSION
+BEGIN
+  BLOCK "StringFileInfo"
+  BEGIN
+    BLOCK "040904E4"
+    BEGIN
+      VALUE "FileVersion", VER_FILEVERSION_STR
+      VALUE "ProductVersion", VER_PRODUCTVERSION_STR
+    END
+  END
+  /* For some reason the ProductVersion would not appear unless I add */
+  /* the following section: VarFileInfo */
+  BLOCK "VarFileInfo"
+  BEGIN
+    VALUE "Translation", 0x0409, 1252
+  END
+END
+