Are Mutual Fund Gains taxed at folio level?

If I have investment in a liquid fund under a single folio number, every time I sell, FIFO is used to calculate gains and determine LTCG or STCG. If I have 10 lakhs to park for 3 months and if I add to the above fund and sell after 3 months, using FIFO I would be exiting the earliest purchased lot resulting in larger gains and more tax. If however, I invest the amount in the same liquid fund but under a different folio number, the holding period will be 3 months, price appreciation will be lower and accordingly lower tax. Is my understanding correct?

Thanks.