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Income tax

binay shaw (Student CA IPC / IPCC) (135 Points)

06 May 2018

Sir

Mera Ek small business hai. And Maine medical expenses kiya hai for my treatment for the financial year 2017-2018.so my question is can I claim in income tax return for the financial year 2017-2018..

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8 Replies

Rohit Shukla (39 Points)
Replied 06 May 2018

The It allows you to deduct qualified medical expenses that exceed 7.5% of your adjusted gross income for 2017 and 2018. Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.

Your adjusted gross income (AGI) is your taxable income minus any adjustments to income such as deductions, contributions to a traditional IRA and student loan interest.

For example, if you have a modified adjusted gross income of $45,000 and $5,475 of medical expenses, you would multiply $45,000 by 0.075 (7.5 percent) to find that only expenses exceeding $3,375 can be deducted. This leaves you with a medical expense deduction of $2,100 (5,475 - 3,375).

Which medical expenses are deductible?

The IRS allows you to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses. You can also deduct visits to psychologists and psychiatrists. Prescripttion medications and appliances such as glasses, contacts, false teeth and hearing aids are also deductible.

The IRS also lets you deduct the expenses that you pay to travel for medical care such as mileage on your car, bus fare and parking fees.

rama krishnan (12234 Points)
Replied 06 May 2018

ATTN Rohit sir, could you please enlighten me , under which section medical expenses can be claimed?

HIMAKER Dixit (30 Points)
Replied 07 May 2018

deduction on medical expenses U/S 80 D/ 80DD/80DDB/80U

rama krishnan (12234 Points)
Replied 07 May 2018

if it is the case then According to me, medical expenses are not deductible unless the same is incurred in respect of super sr citizen, subject to conditions... correct me if iam wrong

HIMAKER Dixit (30 Points)
Replied 07 May 2018

no, deduction are not based on age , it is based on Assessee. Read these sections carefully

rama krishnan (12234 Points)
Replied 07 May 2018

as per the query raised, if the medical expenses are not in respect of the diseases prescribed in sections 80d/80ddb/80u, the assessee cannot claim deduction. in respect of 80d only medical expenses in respect of super sr citizen can be claimed subject to conditions