I would remove the cover you have on table right now. Just wondering if your furniture is Japanese , just curious :) also details of windows seems to have some Far Asian influence. I would brighten the table up with a bowl of flowers to match the scene, chair covers too with tie backs, table mats, and rug under table. Try to colour coordination table accessories, chair cover, rug and curtains. Center the table in the middle of room and add sideboard near window or corner display cabinet.

I think a comfortable distance between the island and the counter is around 42". It seems that you have only 30" between your cook top and the counter. I might be a little too tight. The wall between the entrance and the kitchen could be 4' long instead of 6', you would then be able to move the island a foot which would give you more room between the cook top and the island. Could you switch the location of the toilet and vanity in your dad's bathroom so your enter facing a vanity instead of a toilet which is a lot nicer.

I have to set up my New Living cum Dining room. Drawing is as attached. I do not have a sofa and I do not plan to buy any. Instead, I will prefer to buy some light weight chairs. I already have a 6 seater Dining table, a single bed and 3 old trunks of my MIL which I plan to put somewhere in this room and cover up with some padding above it and a good bed cover or Table cover. Please suggest me a good idea.

Given your space constraints, I think it would be best to hang the TV on the wall that is common to the study/living room (just to the right of the door entry). You could get two or three small upholstered chairs for the living area (gives you flexibility in moving them around.) I would have a table surface hung so it can swing out and be used on the wall between the door and the opening to the kitchen. If hung with a hinge attachment so it can be flat on the wall when not in use, you still have space to move around. Backless bar stools could be lined up on that wall when the table is stored flat to the wall, and still be used for more guest seating.