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Taxes on capital gain on urban agriculture land

This query is : Resolved 
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(Querist)
12 June 2013 Respected sir/madam,
i have a urban agriculture land which is situated with in the 8km from municipal limit.this property was purchase by my grand father 30 year ago for RS 800 and the current rate of this property is around 1 crore.so i just want to know that if i am going to sale this property today than any taxes are applicable to it or not. if applicable than at what rate .
AND what should i have to do for save taxes on it.
any one who know the answer than please reply .
THANKS IN ADVANCE.
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Rupesh Jain

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Rupesh Jain (Expert)
12 June 2013 u/s 54F
pls invest all sale consideration in residential property
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