Is it Capital gain or Income from other sources???

i think  its income from other source. ( not sure)

How yaar???

Justify ur answer.....

After all U r in CA course..U have to make in depth analasys..:-)

If the same is done as a continous activity, it is to be treated as Business Income. Raw material (Pumkin) is converted into Final Product (Gold). However, if it is a one time activity, we can treat it as IFOS. It cannot be taxed as CG, coz, the gold sold was not purchased by him. It is just a gold that has been converted from pumkin. So, it is to be taxed as Business Income

Thanks for ur response...Mr.Narayanan