James is a First Nations Person living on the reserve. He sold his property on the reserve, resulting in a capital gain of $40,000. Which of the following statements is true? James will be taxed on his capital gain. James does not need to inform the CRA that he sold the property because it is on the reserve and that is none of the government's business. The capital gain is not taxable. The capital gain is not taxable as long as James is registered as an "Indian" per the Indian Act