Based on user's country filter content of same country? Please find my problem statement here:


  Show all contents of Type "Test" belongings to that country to corresponding user of that country


My Approach:


Created a taxonomy term of country, Mapped this taxonomy in content type "Test" and also Mapped taxonomy to users account setting fields.
Trying to create view that can filter based on logged in user's country(user can belongs to more than one country) to the content's country field.


Trying with Contextual filter, but not figuring out, exactly what i need to give. Please anyone can help me in achieving this?

Or suggest me any other Better Approach
What you're missing is the bridge between users and content, and that comes through Relationships (connecting different tables from the database). 

You can do this by approaching from either the content end, or the user end (Content Views or User Views type). Since the goal is to list content, I think it makes more sense to start from the content end, unless you need some more user handling that would be easier from the user then. 


Create a Views showing your Content (Page or a Block, which ever suits you best) 
Add a Relationship Taxonomy term referenced from field_country (you probably have a different field name), you can require it since you only want nodes in the list that don't have Country empty 
Add another Relationship User using field_user_country (you probably have a different field name), it will use the above Relationship by default. You can require it since you need users who also have the Country field not empty. 
Add a Contextual filter ID from User Category and it will use the second Relationship by default. Configure it:
When the filter value is NOT available
Provide default value
User ID from logged in user
When the filter value IS available or a default is provided
Specify validation criteria
User ID
Single ID
Hide view
Adjust any other Views settings relevant to you and Save the View 
If you've created a Block and need to place it in a Region in your theme, don't forget to adjust the Contextual Views options on the Block configure page.