A assessee suffers Securities transaction tax (STT) regarding transaction is cash market as well as futures trading.He treates cash maret transaction as capital gain and futures as business income. so while paying tax on future trading he can adjust the STT paid for the tax payable and balance he will pay. My question is whether he can take credit of STT paid on cash market transactions while paying tax on futures trading
Example:1) STT paid in capital market ie cash market Rs.15000/-
2) STT paid in derivatives market ie futures trading Rs.10000/-
3)Income tax on futures trading Rs.50000/-
So, what is the tax payable ?
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