Capital gain

The capital gain tax is not levied on transfer of agriculture land which is not situated inside / within periphery of 8 km of municipality limits of notified areas / cities with population of 10000.

 Under the provisions contained in the Income-tax Act 1961, capital gains tax is payable whenever profit is derived on selling a capital asset. However, agricultural land in India under certain facts and circumstances is not treated as capital asset as per the definition contained in section 2(14) of the Income-tax Act 1961.

The simple theme is if an item which is sold is not considered as a capital asset. In that situation any gain arising there from will not be subjected to income-tax.

So  in your case no question of capital gains & you can utilize that money in any way

Just get ask your Tehsildar  to issue a certificate that your lands falls under agriculture land area and you won't face any problem in future.

Yes I Agree with Sourabh Goyal...........

agreed with Saurabh