Is it considered legal or considered tax evasion?

Point A

1. This is not useful because in which account u r receiving is not matters. Under whose name u r raising is matters. If u don't want to cross 50 lacs, raise invoices with u and ur family name. But it is imp that they file income tax return. But ofcourse they need not pay tax by offering under 44ADA.

2. Again in whose account u r receiving the funds is not relevant. I suggest don't form any HUF or partnership. There is no difference between HUF and individual as far as tax is concerned. Partnership firm will only increase ur tax liability.

Point B

Yes u can open in ur family member's name and do trading. U can transfer any amount u want to their bank accounts. We can say gift or hand loan.. Completely legal.

As far as Tax evasion or planning is concerned, it vary from people to people perspective and ideology. But I can assure u. It's completely legal