Cost basis for inherited land back in India
My relative inherited land back in India before 1980. India uses 1 April, 1981 as the cut-off date to figure out fair market value for inheritances that go way back in time. Can he use the same date for filing american tax? If not, is there any other cut-off date available? Is he free to choose his own date by any chance?
He also constructed an office on the land. However, he doesn't have any receipts for it. How would he prove construction cost?
Could you also shed some light on how indexing would work in this scenario?