Bangalore: Most people are aware of tax saving schemes like benefits of home loan and health insurance, but there are also lesser known sections of the IT Act which can actually save you tax. Here are nine tax deductions to claim this season. Read on to find out -

1. Gain From Losses In Stocks

If you have losses made on sale of stocks, then you can claim deductions from gross income. There are certain conditions to watch out for.

a) The loss can be of benefit to you only when you adjust it against short term capital gains and taxable long term capital gains.

b) The stocks should have been purchased less than a year ago.

If you are unable to adjust this loss against gains this year, you can still carry this loss over for up to eight years! So if you make a gain next year on stocks, you can use this year's loss to reduce taxable income next year.