New Delhi: Sachin Bansal, Flipkart founder has deposited an advance tax of Rs 699 crore for the first quarter of 2018-19 which includes capital gains tax from his income on sale of Flipkart stake to the 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 earlier had sent notice to both Sachin and Binny Bansal along with other stakeholders to disclose the capital gains made by sale of their shares in Flipkart.
Walmart had, 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 shareholder of Flipkart regarding 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 Bansal pays 699cr. as advance tax
Last year, Walmart bought 77% of its stake of Flipkart
