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Posted Wed, 14 Aug 2024 12:49:02 GMT by Dorset12 Dorset12
My mother bought some land in a rural part of India in 2017 and built a small house on it in 2018. This was a second home. She died on 9 May 2022 and I inherited it. I would like to sell the property. My understanding is that for UK tax purposes, my gain is calculated from what the property was worth on the date of death to the date of disposal. There is actually very little gain as the house is in a rural area but I still need to report it. I need to get a valuation done for what the property was worth on 9 May 2022. However there is no equivalent of Royal Institute of Chartered Surveyors in India. I would like to know who HMRC accepts as a professional valuer in India. Thank you.
Posted Wed, 28 Aug 2024 09:44:26 GMT by HMRC Admin 8 Response
Hi,
You could use the value of similar properties of the same type at the time your inherited it, perhaps from estate agents or other reputable sources and use a just a reasonable exchange rate in use at the time.  
Once all of the required figures are in pounds sterling, you can work out if there is a gain or a loss.  
In either case you will need to declare this in a self assessment tax return.
Thank you.
Posted Thu, 24 Oct 2024 11:28:29 GMT by Dorset12 Dorset12
Thank you so much for this. I am facing some difficulty in that I cannot get estate agents out to the property as it is so rural. I have an estate agent who is acting to sell the property for me. Can I use this same estate to give me a valuation of the property at the time I inherited it or would this be a conflict of interest? I am a bit stuck otherwise. The gain is likely to be in the thousands rather than tens of thousands.
Posted Thu, 31 Oct 2024 08:54:29 GMT by HMRC Admin 19 Response
Hi,
Yes, if they can give you a realistic valuation.
Thank you.

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