Investing money in wife and mother name, what are the limits

Hi All,

I am a salaried individual. My wife and mother are both housewife. My income attracts 30% of tax. I have some surplus funds which i want to invest in my mother and wife name, below are few of the questions i have.

- Can i transfer the funds to my mother and wife account and then invest those further? Is it okay as per Income Tax.

- Do I and my mother and wife need to show in any of their income tax return that the money is received from me? If yes, where and how?

- The profit eraned on that investment which my mother and wife will make, we will pay applicable taxes. Would that have any othe additional implications?

Please help me with these confusion points. 

Thanks in advance.

Thanks

Sachin