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Transactions related to trading in shares

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2012 Hi
I have been investing in shares for past 2 yrs. I have been following FIFO basis of accounting for tax reporting in IT return.
As the markets r down , if i follow LIFO while trading but follow FIFO in IT return is it ok. Ultimately the profit gets reported anyway right?.
Help!
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CA. Subhash Dangi

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CA. Subhash Dangi (Expert)
31 October 2012 As far as IT Return is concerned, U need to follow the method of valuation of shares should be used consistently.

It is 'Ok' to show in IT return on FIFO basis.

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