Dear Raj Bhagwat,
Yes, you can claim a deduction for the medical expenses incurred for your parents, but the amount and conditions depend on specific criteria as per the Income Tax Act of India.
1. 👥 If your parents are senior citizens (age 60 or above) and do not have a health insurance (mediclaim) policy, you can claim a deduction up to Rs. 50,000 under section 80D of the Income Tax Act.
2. 💰 This deduction is not just limited to medical expenses. You can also include preventive health check-up costs. However, the maximum limit for preventive health check-ups is Rs 5000.
Here are the steps to claim this deduction:
1. 🧾 Collect all the bills and receipts of the medical expenses incurred for your parents. This includes hospital bills, pharmacy bills, diagnostic tests and any other relevant medical expenses.
2. 📝 While filing your Income Tax Return (ITR), you need to enter these details under the relevant sections. You should enter these details under the 'Deductions' section under the '80D' column.
3. 📤 Submit these bills and receipts as proofs of your claim when you file your ITR. If your tax returns are subject to scrutiny, these documents will serve as proof of your claims.
Remember, only those expenses which were paid through any mode other than cash can be claimed as a deduction under this section. Expenses paid in cash are not eligible for this deduction.
🔎 For more details, you can refer to the Income Tax Act, specifically Section 80D which deals with deductions related to medical insurance and medical expenses.
I hope this information helps! Remember to keep all your bills and receipts safe and handy at the time of filing your returns.