SoftBank may have to shell out ~Rs 2,000 crore as tax – Financial Express
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- By Taxmann
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- Last Updated on 26 October, 2020
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Financial Express “Naveen Wadhwa, DGM, Taxmann.com, said: “Flipkart.com has both resident and non-resident shareholders. As far as resident shareholders are concerned, the capital gains arising to them from this deal shall be taxable in India. However, the overseas shareholders shall be liable to pay tax in India if the resultant capital gain is taxable in India as per tax treaties. Both India-US and India-Mauritius tax treaties provide the taxing rights to India if capital gains accrue in India as per Section 9 of the Income Tax Act. The India-Mauritius treaty grandfathers the capital gains arising from sale of shares which were acquired before April 1, 2017, accordingly, no tax shall be levied on it.”
Read the full story here: SoftBank may have to shell out, Taxmann
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