NEW DELHI, Jan 02:
Flipkart founder Sachin Bansal has deposited Rs 699 crore as advance tax for the first quarter of 2018-19 which includes capital gains tax from his income on sale of Flipkart stake to US retail giant Walmart. His partner and co-founder Binny Bansal is yet to disclose the capital gains made on his stake sale in the e-commerce platform, sources in the tax department have said.
The income tax department had earlier sent notices to both Sachin and Binny Bansal along with other stakeholders to disclose capital gains made by sale of their shares in Flipkart. Similar notices were served on Walmart to ensure it pays withholding taxon capital gains made by foreign stakeholders of Flipkart. Walmart had late last year paid Rs 7,440 crore to the I-T department as withholding tax, months after it acquired 77% shares of Flipkart for around $16 billion. Walmart was later asked to furnish details of 46 shareholders of Flipkart, how much each of them had gained from the deal.
According to sources, Bansals have not yet explained the total payments received from the sale of their venture to Walmart, the capital gain tax liability and how the tax payments have been scheduled. Sachin’s payments have come as part of his advance tax obligation for the first quarter of the current fiscal year. Flipkart is a Singapore-registered company, and SoftBank and eBay were its major shareholders prior to its sale to Walmart on May 9. 2018.
