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Sachin Bansal to walk away with $1 billion

Sachin Bansal to walk away with $1 billion

Sachin Bansal to walk away with $1 billion
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By Shubham Singh  May 10, 2018 6:22:13 AM IST (Updated)

After Walmart's acquisition of Flipkart, Sachin Bansal, the co-founder of Flipkart, is likely to make $1 billion by selling his entire 5.5% stake to the US retail giant.

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But tax experts say that Sachin Bansal may have to pay 20% capital gains tax.
According to experts, there would be two taxation angles.The first will be taxation of capital gains earned by the sellers (Flipkart investors). The second would depend on whether Flipkart India is allowed to carry forward the losses for the adjustment against income tax payable by the company.
Singapore-registered Flipkart Pvt Ltd holds majority stake in Flipkart India.
Co-founder Binny Bansal will continue to hold a stake in the company with a valuation of $20.8 billion.
Walmart has purchased 77% stake in Flipkart for $16 billion, billed as India's biggest foreign domestic investment.
Flipkart, launched in 2007, was founded by IIT Delhi graduates Sachin Bansal and Binny Bansal, former employees of Amazon.
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