Income tax in stock trading.

Illegal.......

On what basis it is Illegal ?

You want to say you don't want to invest in stock market instead you want to split your income in your family to save tax is it sir
then you can gift or transfer whatever you want but out of post tax income
to save tax
you can invest the money into tax exempt or low tax instruments
or you can invest money on your parents name
or you can invest money on major children names in this way you can save tax legally

Tax evasion is different from tax planning... yours is tax evasion... moreover clubbing provisions will apply in your case and eventually it'll be taxable in your hands only

Agree with Mr. Rama Krishnan Ji