Taxability on ESOPS

X company Ltd was alloted shares to its employees under ESOP scheme.At the time of allotment it was covered under FBT. Now employees sold their shares to the company and earned lumsum amount. At present the esops amount will be taxable under perquisites  as well as capital gain as FBT was abolished. Some employees retired from service and they are associating with the company as a professional/ technical person not in co's payroll.Now the amount received by such a retired employee will be taxable under what head- salary and capital gain or income from other sources and capital gain !

Tax incidence on salary will arise when there is employer employee relation ship between two persons. As the retired employee not in payroll esops amount will not taxable under salary but income from other source and capital gain on sale proceeds.If any income is not taxable under any specific head the same will be taxed under income from other sources.