I have a question regarding the basis for property that was gifted to my wife three years ago in India. She now wants to sell it, and we are at loggerheads determining the basis, as the property itself is over 50 years old and reflects a tiny purchase amount, which will create devastating capital gains for us if true. Based on some research, some say the Fair Market Value at the time of the gift can be used, or the official ready reckoner by the government at the gift time.
