Income tax in stock trading.

Hi Experts,

If trade in stock markets with my entire capital then I have to pay 30 percent tax. Instead i will split the capital into 3 accounts and transfer to my relatives so that the profit earned from each account will fall in less than 5 Lakh tax bracket(first slab) and hence no tax will be levied.

Is this method legal or illegal ?

Regards

Karthik