India uses an index value to calculate Cost Basis can the same indexed value be used to calculate cost basis to report on US tax return for the sale of property in India ?
For example : cost of property was $10k indexed value was $15k and property sold for $20k.
Can $15k be used as cost basis and capital gains paid on $5k in US for the sale of property in India?
Capital Gain tax in India is 20 percent which essentially zeros the tax after taking a credit for foreign tax paid
