New Delhi, January 2: The founder of e-commerce platform, Sachin Bansal, has deposited an advance tax of Rs 699 crore for the first quarter of 2018-19. The tax includes capital gains from his income on the sale of Flipkart stake to US retail giant Walmart. However, his partner and e-commerce co-founder Binny Bansal is yet to disclose capital gains on his stake sale from Flipkart, informed sources in the tax department.

Earlier, the income tax department had sent notices to both the partners, along with their stakeholders, to disclose the capital gains on their shares in Flipkart. Walmart – which occupied Flipkart – has also been served a similar notice to ensure it pays withholding tax on capital gains made by foreign stakeholders. Flipkart, Amazon & Other E-Retailers Will Be Impacted By Government’s New FDI Policy, Says Flipkart.

The global giant – Walmart – had paid Rs 7,440 crore to the Income Tax department as withholding tax last year, after it acquired 77 percent shares of Flipkart for around $16 billion. Later, the IT department asked Walmart to furnish the details of 46 shareholders of Flipkart – who gained how much from the deal.

As per to the reports published in TOI, the Bansals are yet to explain the total payments they received from Walmart, the capital gain tax liability and how the tax payments have been scheduled. With Sachin Bansal paring the advance tax for the first quarter of the current fiscal year, IT expects his partner and stakeholders will follow suit soon.

(The above story first appeared on LatestLY on Jan 02, 2019 09:50 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).