This disclosure relates generally to field of elimination of false positives during static analysis of an application code, and, more particularly, to a method and a system for identification and elimination of false positives from delta alarms. Existing static analysis tools report/generate numerous static alarms for a version and the same static alarm also gets reported for the subsequent versions, which are referred to as repeated alarms, while static alarms remaining after the suppression of the repeated alarms, are called delta alarms. In an embodiment, the disclosed method and system for identification and elimination of false positives from delta alarms, wherein the delta alarms are post-processed to identify of a set of false positives using a version aware static analysis technique based on a set of reuse computation techniques implementing conservative or an aggressive approach based on a dynamic configuration input.