Capital gain

Dear Sir,

        I have purchased a agricultures land 1 acre worth rs 50,000 in jan 2010 and now i want to sell that land and that land is cosidered in I Zone(industrial Area ) the municipal value of that land is Rs 300000 it is situated within Municipal area

question

1) whether Long term Capital gain Applicable??

2) If Yes than how much ??

3) can a land be sold below the Municipal Value???

4) if Yes What are the Rules to Be Foolowed

5) is There any way to save Caital Gain tax in Investing some where