@airdisc , whereas I agree with my colleague @AmeliesUncle , that absent any documentation etc. the basis of prop. is assumed to be zero. However, I am comfortable in my opinion ( and knowing how things work in India and dearth of info often ) that the use of basis as established by GoI, is valid for purposes of US taxes on alienation of asset. Just have all the documents available in case IRS challenges the basis determination. That is where I stand.
Is there more I can do for you ?
