0

0

0

0

0

0

0

0

0

This article is more than 2 year old.

Sachin Bansal pays Rs 699 crore as advance tax on gains from the Flipkart deal

Mini

The income tax department had earlier sent notices to Sachin and Binny Bansal, the co-founders of the Singapore-listed company as well as other stakeholders such as SoftBank and eBay to disclose the capital gains made on the sale of their shares in Flipkart.

Sachin Bansal pays Rs 699 crore as advance tax on gains from the Flipkart deal
Flipkart co-founder Sachin Bansal has paid about Rs 699 crore as advance tax for the first quarter of 2018-19, which includes capital gains from sale of his stake in Flipkart to US retail major Walmart, sources familiar with the matter told CNBC-TV18.
Bansal did not respond to text messages seeking a comment.
His partner and co-founder Binny Bansal is yet to disclose capital gains from his stake sale in the e-commerce company, said the above mentioned sources on the condition of anonymity.
The Income Tax department had earlier sent notices to both the Bansals, as well as to other stakeholders such as SoftBank and eBay to disclose capital gains made by sale of their shares in Flipkart.
Both Binny and Sachin are yet to declare the total gains to the tax department, said one of the sources.
Last year, Walmart had paid Rs 7,440 crore to the tax department as withholding tax, months after taking up 77 percent stake in Flipkart in a deal worth of $16 billion, the Times of India reported.
The tax department is yet to calculate the actual capital gains tax applicable as it is still investigating the complex structure of the investments made in Flipkart especially by eBay, the report said.
 
Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know. 
next story