New answers tagged route
Instead of using iptables by itself, I recommend that you use a firewall management package like Shorewall to configure the firewall. There you can easily configure different zones in your network, and configure access between them. However, if you want to use iptables only, you add this line after your route command: iptables -A FORWARD -s 192.168.123.0/...
Linux uses the strong end system model. IP addresses do not act in a way as if they were different machines. Instead a machine acts like it owns all its IP addresses. Since 192.168.150.1 and 192.168.1.1 are the same machine, no forwarding or routing is needed. If you reach one, you've reached the other.
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