.NET 4.5 is an add-on to .NET 4.0 in terms of the CLR, and as such, when you install .NET 4.5, it includes 4.0. There is a known issue with ClickOnce when it is generated on a machine that has .NET 4.5 installed.
Visual Studio 2012 Update 1 is supposed to fix this issue.
You can set the .NET framework version for your .NET applications inside Visual Studio. When you want to publish a Windows XP compatible version, you should always select .NET 4 or lower as the target framework.
The .NET 4.0 Framework should be listed side by side with 4.5.
This is on a normally installed Windows 8 machine, Visual Studio 2012 Ultimate, without having to install any other framework or SDK.
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