FIFO METHOD IN CASE OF EQUITY SHARES -- SALE/PURCHASE
This query is : Resolved
jagdish ahuja
(Querist)
29 July 2024
an investor has three demat accounts with different brokers
in demat acc no 3 he buys 100 shares on 1.7.2024
in demat acc no 1 he buys 100 shares on 15.7.2024
in demat acc no 2 he buys 100 shares on 31.7.2024
same company investment
now if he sells 100 shares from demat account 2 on 10.8.2024
then sells 100 shares from demat acc no 1 on 16.8.2024
please guide how will the profit be calculated
will it be demat account wise or FIFO method
as per income tax rules
thanks
in demat acc no 3 he buys 100 shares on 1.7.2024
in demat acc no 1 he buys 100 shares on 15.7.2024
in demat acc no 2 he buys 100 shares on 31.7.2024
same company investment
now if he sells 100 shares from demat account 2 on 10.8.2024
then sells 100 shares from demat acc no 1 on 16.8.2024
please guide how will the profit be calculated
will it be demat account wise or FIFO method
as per income tax rules
thanks
CA R SEETHARAMAN
(Expert)
29 July 2024
It's demat account wise as it's identified sale.
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