@pk wrote:
absent any other data/details, if Govt. of India IT is using 2001 as the basis, then that is the best figure you have. And use that for the US filing purposes.
I disagree. The government of India allowing a certain amount as Basis does not affect how the US views Basis.
Absent any other details/data, Basis is zero until a reasonable estimate can be established. With that being said, MAYBE the government of India is allowing the 2001 Basis because valuations in that area in 2001 are similar to the valuations in1970s. But unless/until that is established, you can't use the 2001 amount.
