Trading is not allowed for govt. employees. My father is also an Govt. Employee who is years away from retirement. So i want to open an account in my mothers name(Homemaker, uneducated) and trade only in that account and will file ITR without fail.
Income, if at all any, will be Gifted/Loaned to me by my mom.
Can that be done? What all legal precautions have to be taken?
Does an IT officer bother about who actually does trading? (If for some unforeseen reasons, IT notice is served OR An IT officer cross examines us)(PS: My mother is uneducated)
My concern is, will IT officer can take any legal action if they are convinced that profits are due to trading by someone else.(Provided no tax has been evaded)