Derivative Tax Saving


Can anybody enlighten us as to how to save tax on profit from nifty trading ie derivative profit which is considered as speculative and hence attract 30% tax rate.

I do trading using my wife name, so I am eligible for 1.5 lac exemption, but othr methoods could be

1.) creating HUF and then do trading
2.) use friends ids who are not earningn or students

this is just the vague ideas I am having, Seniors members are requested to give guidance on how to save tax

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