Earning from farm house is taxable or exempt

Waquar (Querist) 09 September 2012 This query is : Open
Dear Sir/Madam,

We are 10 partners & leased a land of 110 acre in village planted "POPULAR TREE" & vegetables in that farm house & selling these vegetable in local market.The "POPULAR TREE" will be of 100 lacs afters five years that would be sold to the market. Is profit will be taxable in nature or exempt.

Please clarify how is it taxable or exempt with example.
Will be thankful.
Will be waiting for the prompt response.

Thanks & Regards in advance.

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