There is no prohibition under Income Tax Act upon cross gifting thus it can also be used as measure for cash deposits made during demonetization period.
Quote from: ASRAO on December 11, 2019, 02:45:37 PM
There is no prohibition under Income Tax Act upon cross gifting thus it can also be used as measure for cash deposits made during demonetization period.
As the said currency notes ceased to be a legal tender which made it obvious that no transaction in the demonetized currency notes can take place after the effective date of demonetization.
The answer to the question whether a transaction in the demonetized currency done by a party after the effective date of demonetization can be considered as a benami transaction or not, will depend upon the transaction and the intention of the parties.