Thanks, Opus for your reply. Our transaction in India could be considered as selling a "vacant residential lot" similar to the USA. My question is, are there are any IRS publications where they list what kind of expenses could be considered for a vacant residential lot in addition to the cost of purchase/acquisition?
I should have made it clear when I started the thread. My sincere apologies. It came to my mind yesterday night that our transaction in India fits someone in the USA selling a vacant residential lot in a neighborhood or in a development or in a community. The land in India is already zoned for single-family or multi-unit residential use and we kept it vacant. Please provide your suggestions and comments. Thanks for your help. Regards, Dabu.
