A Hotspot by necessity must be run on a router that traffic from clients passes through, otherwise it can’t intercept that traffic. Ideally it should be the immediate next hop - the Hotspot router should be the client’s default gateway, in other words. In some scenarios it can sit further upstream.
It’s extremely hard to make out the network layout in an ASCII drawing that isn’t even wrapped in
tags to preserve spacing, but if the router that you're trying to implement a Hotspot on isn't a router that clients actually use because it's just another client on the same network then that Hotspot isn't going to be doing anything at all, and won't do you any good.
i have 10.5.50.0/24 network on my network interface to the lan i am looking for a way to create a virtual network on same NIC so that i can apply queues and web filtering for users on 10.5.50.0/24 while executive users will be in the virtual network lets say 192.168.1.0/24
Creating VLAN interfaces: http://wiki.mikrotik.com/wiki/Manual:Interface/VLAN
Hotspots can be created on VLAN interfaces.
Of course you’ll have to distribute the VLANs somehow. Either through VLAN capable switches, or VLAN capable APs.