FIFO METHOD IN CASE OF EQUITY SHARES -- SALE/PURCHASE
This query is : Resolved
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
29 July 2024
It's demat account wise as it's identified sale.
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