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

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

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