Contribution made to political party tax-free under Sec 80GGC

I am working with a private limited company. My employer deducted TDS on my salary without considering the investment benefit under Section 80 C as I was not able to provide the proof of investment. Can I claim the benefit now?

Ahidam Dabral

As your employer deducted higher TDS without considering the investment benefit available under Section 80 C, you can claim the benefit while filing the your income tax returns for FY13, that is, assessment year 2012-13 and can claim the refund of excess TDS deducted, if any.

I am a non-resident Indian. Having acquired some shares of an Indian listed company four years ago, I sold them in March 2012. Will any gain on such a transaction be taxable in India?

Sudhakar Bhosle

As you have been holding equity shares of a listed company for more than a year, such shares will be treated as long-term capital assets and any gain arising on them will be treated as long-term capital gain. Further, as per Section 10(38), if any capital gain arises on the sale of equity shares and the transaction is subject to a securities transaction tax at the time of sale, such capital gain is not chargeable to tax in India.

I own two houses in Mumbai. I am using one of them for residential purpose and have let out the other. I purchased both houses on loan. Currently, due to heavy interest rates, both houses are showing negative incomes. I wish to set off the losses from the houses against my salary income. Can I do so?

Abhigyan Kumar

The loss from the head, 'income from house property', can be set off against the income from salary. The set-off is available irrespective of whether the property is self-occupied or let out or deemed to be let out. As such, you can claim set-off of losses on both properties against your salary income. The deduction for interest on borrowed capital is available to the extent of R1,50,000 only in case of a self-occupied property.

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