Walmart-Flipkart deal: I-T dept examining taxation issues

Walmart-Flipkart deal: I-T dept examining taxation issues

As many as 44 shareholders of Flipkart, including significant ones like SoftBank, Naspers, venture fund Accel Partners and eBay, sold their holdings to Walmart. The income tax law requires the buyer to withhold tax while making payment to the sellers, in case they are not exempted from levy of capital gains tax.