F&O -taxation rules

#1
Sirs,
Will you please let me know :
1. Whether daytrading in futures gives rise to speculative income u/s 43(5),or it is business income?
2. Whether daytrading in options gives rise to speculative income u/s 43(5),or it is business income?
3.Whether it is permissible to deduct brokerage + stt + duties from the income, and if so when?
thanks
vkwd7
 

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