Is the 87A rebate loophole for crypto derivatives actually legit or am I missing something? If total income under 12L and gains are from derivatives not spot, technically zero tax right?

The 87A rebate loophole for crypto derivatives may be legitimate, allowing for zero tax liability if total income is under 12L and gains are from derivatives. This applies to speculative transactions under Section 43(5), unlike spot crypto which is taxed at a flat 30% rate. The tax math favors derivatives for those who qualify for the rebate.