The reliable method is to keep one master, lot-level ledger while preserving the original demat-account or mutual-fund-folio identity for every transaction. Record each purchase, SIP instalment, switch, transfer and sale, apply the applicable FIFO rules, and reconcile your ledger with contract notes, depository and broker statements, registrar statements, CAS, AIS and bank records before filing. CAS and broker tax reports are useful checks, but neither should replace the underlying lot history.
Start with a lot-level master ledger
Create one workbook or database for all holdings, but never erase the account or folio from which a lot came. A single consolidated view makes totals easier to review; the preserved identifiers let you trace an unexplained balance, transfer or cost back to its source.
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Fields for demat securities
- Security name, ISIN and instrument type.
- Demat account number and depository participant.
- Trade date and settlement or credit date shown on the contract note or statement.
- Quantity acquired, purchase price and total consideration.
- Brokerage, exchange charges, stamp duty, taxes and other acquisition costs that are relevant under the rules for your return.
- Corporate-action details such as splits, bonuses, mergers or rights issues, with the statement or notice supporting the revised quantity or cost.
- Disposal date, quantity sold, sale consideration and selling expenses.
- Contract-note number, statement date and a link or filename for the retained source document.
Fields for mutual-fund units
- AMC, scheme, plan, option, folio number and whether the units are held directly or through a platform.
- Transaction type: purchase, SIP instalment, switch-out, switch-in, redemption, dividend reinvestment or transfer.
- Transaction date, units, NAV and gross amount; retain any applicable charges or taxes shown by the registrar.
- For a switch, record the outgoing and incoming legs as separate, traceable entries rather than overwriting the old scheme.
- Redemption date, units redeemed, proceeds and the lot allocation used.
- Registrar (RTA) statement reference and the bank account used for the cash movement.
Preserve source documents
Keep contract notes, monthly CAS files, broker and depository statements, RTA statements, bank entries, corporate-action communications and transfer or inheritance evidence. The official guidance does not prescribe a universal spreadsheet or one record-retention period for every investor, so retain documents for the period required by the law and return-preparation advice that applies to your circumstances. A ledger is a working record; the original statements are the evidence used to correct it.
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| Ledger column | Why it matters | Source to reconcile |
|---|---|---|
| Account or folio identity | Prevents two holdings with the same name from being merged incorrectly. | Demat statement, CAS, RTA statement |
| Acquisition lot and date | Determines which units or shares are matched to a disposal and the holding period. | Contract note, transaction statement |
| Cost and related expenses | Supports the acquisition-cost figure used in a gain calculation. | Contract note, RTA statement, bank record |
| Disposal lot allocation | Shows exactly which older lots were consumed. | Broker or RTA redemption advice |
| Document reference | Makes an exception auditable when prefilled data is wrong or incomplete. | PDF, email confirmation or downloaded statement |
Apply FIFO to demat shares and other securities
The Income Tax Department states that the cost of securities held in demat form is determined by the first-in-first-out (FIFO) method. The first securities entering the demat account are deemed to be sold first, and FIFO affects both the cost-of-acquisition allocation and the period-of-holding calculation. See the department’s share-sale guidance and its treatment-of-income guidance.
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How to perform a demat FIFO match
- Sort credits to the relevant security by the date they entered that demat account.
- Keep each purchase as a separate lot, even when the security name and price are identical.
- For a sale, consume quantity from the oldest remaining lot first. If the sale is larger than that lot, continue into the next lot.
- Assign each consumed lot’s acquisition date to the corresponding quantity sold when determining the holding period.
- Use the cost shown on the delivery contract note for the acquired quantity, adding or adjusting relevant acquisition expenses according to the applicable rules.
- Mark the quantity left in every partially consumed lot and retain the sale document reference.
For delivery transactions, the department says the broker or contract note is considered for cost. Do not replace a contract-note cost with a later market price or an average cost merely because a spreadsheet is easier to maintain.
Transfers between demat accounts
The public guidance identifies the demat account as the FIFO reference point but does not expressly resolve every cross-account transfer scenario. Record the transfer-out and transfer-in dates, quantities, ISIN, both account numbers and the depository or broker evidence. Preserve the original acquisition lot and transfer trail; do not casually combine transferred shares with purchases in the destination account until the applicable treatment for your facts has been checked.
Corporate actions
Splits, bonuses, mergers and rights issues can change quantity, cost allocation or the identity of the security. Enter the action as a documented transformation of the affected lots, attach the issuer or depository statement, and keep the pre-action lot visible. If the statement does not make the allocation clear, flag that lot for confirmation rather than inventing a ratio or date.
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Track mutual-fund SIPs, switches and redemptions by instalment
Every SIP instalment is its own acquisition lot. A single folio may therefore contain dozens of dates and NAVs for the same scheme. Keep the instalment-level history even when a platform displays only an average purchase price.
Redemption and switch allocation
- List all units credited to the folio, oldest first, including reinvested distributions and switch-in units where applicable.
- For a redemption, match the units debited against the oldest available units and split a lot when only part of it is redeemed.
- For a switch-out, record the debit from the old scheme and the corresponding switch-in credit to the new scheme as linked transactions. Confirm the tax treatment for the relevant scheme and dates rather than assuming a switch is tax-neutral.
- Keep the RTA transaction statement showing units, NAV and dates, and reconcile the cash or switch value to the statement.
The Income Tax Department’s SFT filing guide describes FIFO for identifying the mutual-fund credits corresponding to a debit transaction and for computing the holding period. It also describes estimated acquisition-cost values when complete data is unavailable, including end-of-day NAV as a fallback. Such a value is a starting estimate, not proof that the historical lot cost was that amount.
Correcting estimated or incomplete values
Reporting entities provide information to account holders to help reconcile AIS. The SFT guidance says taxpayers may modify estimated sale consideration or cost before filing. Compare every generated figure with your RTA statement, transaction advice, bank record and own lot ledger. If a historical SIP or transferred folio is missing, document the evidence used to reconstruct it and retain the original statement when obtained.
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Use CAS as a consolidation check, not your sole ledger
SEBI defines CAS as follows: “Consolidated Account Statement (CAS) is a single/ combined account statement which shows the details of transactions made by an investor during a month across all Mutual Funds and also other securities held in their demat account(s).” The wording appears on SEBI’s investor CAS page, which is undated on the page and was accessed in 2026.
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CAS is valuable for finding an account or folio you forgot to enter, checking opening and closing balances, and spotting a transaction that never reached your ledger. It is not guaranteed to contain every historical lot detail. SEBI says investors should update PAN with their depository participant or stockbroker to receive CAS. AMFI explains on its CAS information page that issuance covers folios or accounts with a transaction during the month and matching unit-holder identities identified by PAN. An inactive folio, a PAN mismatch or an identity discrepancy can therefore keep an item out of a particular monthly statement.
Download each CAS and compare its opening balance, credits, debits and closing balance with the account-level statements. Investigate differences instead of treating the CAS total as an authoritative replacement for the underlying contract notes and RTA lots.
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A monthly and annual reconciliation workflow
Monthly close
- Download the month’s CAS, broker and depository statements, RTA transaction statements and bank entries.
- Enter every purchase, SIP, dividend reinvestment, transfer, switch and sale in the master ledger, retaining the account or folio identifier.
- Run the FIFO allocation for each disposal and mark the lots consumed or partially remaining.
- Compare security quantities and mutual-fund units in the ledger with each statement’s closing balance.
- Check that cash proceeds, fees and taxes agree with the bank and contract-note totals.
- Record unresolved items in an exception list with an owner, document requested and date of follow-up.
Before preparing the return
- Freeze a copy of the ledger for the financial year and keep a working copy for corrections.
- Export or download AIS and any capital-gain or SFT information supplied through the tax-filing process.
- Match each reported sale or redemption to a ledger disposal, then to the contract note or RTA advice.
- Check that a transfer has not been counted as a purchase, that a duplicate transaction has not doubled a quantity, and that a missing folio has not been silently omitted.
- Review estimated acquisition costs and sale consideration in the prefilled data. Replace them with supported figures where the SFT guidance permits correction.
- Separate short-term and long-term results only after confirming the asset type, transfer date, acquisition date and statutory conditions.
- Retain the reconciliation worksheet and explanations for every adjustment submitted with the return records.
Classify the asset and date before applying a tax rate
A gain percentage cannot be selected from the security name alone. Classification, transfer date, holding period, STT conditions, fund structure, taxpayer status and the assessment year all matter. The Income Tax Department’s share-sale page lists a 20% section 111A STCG rate for qualifying specified listed securities transferred on or after 23 July 2024 when the stated STT conditions are met. It also lists a 12.5% section 112A LTCG rate above the applicable aggregate ₹1.25 lakh threshold for qualifying transfers from that date, subject to the specified asset and transaction conditions. These are not universal rates for every mutual fund, security, taxpayer or transaction.
Store the transfer date and asset classification alongside each disposal. Do not apply an equity rate to a debt-oriented or otherwise differently treated fund without checking the rules for that assessment year. For unusual holdings, inheritance, residency changes, corporate actions, prior-year lots or cross-demat transfers, consult current official material or a qualified tax professional.
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Compare tracking sources by what they can prove
| Source or method | Coverage | Lot and FIFO detail | Best use | Known limitation |
|---|---|---|---|---|
| Personal master ledger | All accounts and folios you enter | Can preserve every lot, transfer and adjustment | Authoritative working history and exception log | Accuracy depends on disciplined entry and source-document checks |
| Broker or depository tax report | Usually the transactions visible to that provider | May allocate lots for its own records; scope and method must be verified | Cross-checking sales and contract-note totals | May not include another broker, transferred lots or mutual-fund folios |
| RTA or mutual-fund statement | Folios held with that registrar | Strong transaction-level evidence for SIPs, switches and redemptions | Rebuilding fund lots and unit balances | Does not consolidate unrelated RTAs or demat securities |
| CAS | Monthly activity across matching-PAN mutual-fund and demat records | Useful consolidation check; not guaranteed to show all historical lot detail | Finding omissions and verifying opening and closing balances | Inactive accounts, PAN mismatches and identity conditions can affect inclusion |
| Tax-reporting software or service | Depends on the accounts and files it accepts | Compare its FIFO, SIP, switch, transfer and corporate-action handling with your needs | Formatting and return-preparation assistance | Official guidance does not endorse a particular provider; retain your own source records |
Illustrative FIFO example
Suppose one demat account receives 100 shares at ₹100 each on 10 January and 50 shares at ₹120 each on 20 March. A sale of 120 shares on 15 September consumes the 100-share January lot first and 20 shares of the March lot. The ledger therefore retains 30 shares from the March lot, while the sale’s cost and holding periods are split between the two acquisition dates. This example demonstrates the allocation mechanics only; the applicable tax classification and rates depend on the real security, dates and statutory conditions.
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Common failure modes and repairs
Using an average purchase price
An average displayed by an app can hide the dates and account identities needed for FIFO. Rebuild the lots from contract notes or transaction statements and use the average only as a reasonableness check.
Relying on one CAS month
A monthly CAS can omit inactive or unmatched records. Download statements for every demat account and folio, correct PAN or identity mismatches with the relevant intermediary, and compare opening balances across months.
Accepting prefilled cost without evidence
SFT values may be estimated when data is unavailable. Trace the figure to the RTA or broker record, correct it where supported, and retain the document explaining the change.
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Removing the old lot destroys the trail needed to explain cost and holding period. Keep the original lot, add the documented transformation or transfer, and flag unresolved treatment for professional review.
Mixing transaction and tax years
Use the disposal date for the relevant financial year, then classify the lot using its acquisition date and the rules applicable to that transfer. Keep prior-year opening lots visible rather than starting a new ledger at zero.
Quick Recap
Final pre-filing checklist
- Every demat account and mutual-fund folio is listed, including inactive ones.
- PAN and identity details match the records used to generate CAS and AIS.
- All purchases, SIP instalments, switches, transfers, corporate actions and disposals have source references.
- FIFO allocations leave statement quantities correct after every disposal.
- Contract-note, RTA, CAS, bank and depository totals reconcile, or each difference has a written explanation.
- Estimated SFT values have been checked and corrected where supported.
- Asset type, transfer date, holding period and applicable conditions were reviewed before any rate was applied.
- Unusual cases have been escalated with the complete transfer and acquisition trail.
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