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Income tax

Tax queries 264 views 8 replies

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..

Replies (8)
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.
ATTN Rohit sir, could you please enlighten me , under which section medical expenses can be claimed?
deduction on medical expenses U/S 80 D/ 80DD/80DDB/80U
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
no, deduction are not based on age , it is based on Assessee. Read these sections carefully
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
there is no another section for claiming for medical expenses
general medical expenses cannot be claimed under any sections except super SR citizen subject to conditions under section 80d


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