I already hold a demat account with Zerodha and have some stocks and funds in portfolio.
My father who is a private employee earning around 25k/month currently will get retired next year. He will have no source of income after that (may be a nominal 2k/month in pension) and hence he will have zero tax liability.
I am considering opening a demat account with his PAN card. I will be operating the account with all my money, my bank, my UPI everything. I consensually have access to all his financial details.
Goes without saying that I will be taking care of income tax as per the gains (if any).
Is all this arrangement illegal from a IT Dept perspective. Can I be held responsible for any fraud or unfair practices here ?
Please suggest.