Beneficial interest in securities is taxed in the beneficial owner's hands, with FIFO applied to capital gains computation. Transfer of beneficial interest in securities is taxed in the hands of the beneficial owner when profits or gains arise on transfer executed by a depository or participant, and the depository is excluded from taxability. For capital gains computation and holding-period classification, the cost of acquisition and period of holding are determined on a first-in-first-out basis, including in cases involving multiple lots where specific identification is not possible.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Beneficial interest in securities is taxed in the beneficial owner's hands, with FIFO applied to capital gains computation.
Transfer of beneficial interest in securities is taxed in the hands of the beneficial owner when profits or gains arise on transfer executed by a depository or participant, and the depository is excluded from taxability. For capital gains computation and holding-period classification, the cost of acquisition and period of holding are determined on a first-in-first-out basis, including in cases involving multiple lots where specific identification is not possible.
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