Grease the cake tins with butter and shower flour on it. Preheat the oven to 180C.
Take a bowl, add flour, baking powder and baking soda and blend well.
Take another bowl, add butter and sugar together until the butter slightly changes its color. Then add condensed milk and vanilla essence to it and mix well.
Add 1/3 of the dry ingredients mixture to butter mixture and also add ½ cup of milk to it. Fold in using a spatula.
Add more dry mixture and milk and mix. Add the remaining dry ingredients and 3/4 cup water. Fold until everything is included very well.
You should have a thick cake batter. Divide the batter into five equal parts and add food colors to each part. Mix it well.
Pour the colored batters to the cake tins and bake for 35 minutes or until ready.
When they are baked, run a knife around the ends of the cake tin and carefully take out the cake. Let it cool on a wire rack.
Place cakes on top of one another with some whipped cream frosting in between and decorate as per your wish.