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of <h1>FIFO Method Clarified for Dematerialized Securities in Section 45(2A): Earliest Acquired Sold First, Account-Wise Application.</h1> The circular addresses the determination of the date of transfer and the period of holding for securities held in dematerialized form under section 45(2A) of the Income-tax Act, 1961. The introduction of a depository system allows securities to be held electronically, eliminating issues related to physical certificates. The FIFO (First In, First Out) method is used to calculate capital gains for dematerialized securities, determining that the earliest acquired securities are considered sold first. This method applies account-wise for multiple accounts and only to dematerialized holdings. The circular provides examples to illustrate the application of FIFO in determining the cost and holding period of securities.
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