Hi
You have posted, what I want to post but didnt post.
One can add wife and adult/college going child(ren) or siblings, with no income, in this list.
One can divide income among family members by dividing trading period/months among them. And if one has 4-5 such members in his family, one can generate 15-20 lakhs (may be more) of tax free income, using 80C deductions and other legal means.
Only thing is to provide initial capital by means of gifts (but not to ones wife) or loans.
IMO, even a loss above certain limit will be subject to audit, so one should take care of this limit.