Economy Tax department to seek share purchase agreement from Flipkart following Walmart deal Updated : May 14, 2018 07:00 AM IST Singapore-registered Flipkart Pvt Ltd holds majority stake in Flipkart India. Walmart will acquire about 77 percent stake in the Singapore entity for $ 16 billion. Under Section 195 of the Act, anyone making payment to non-residents is required to deduct tax. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.