Capital gain

Capital gain: Mrs. Anitha purchased agriculture Land on 22-08-2008 for Rs. 45,000/- later she converted that Agricultural land into Non Agricultural land by incurring cost of Rs.48,000/- on 09/03/2014 then she gifted that Property to her brother Mr. Sunil by executing the gift deed on 12/06/2014 then he has incurred cost of Rs.200,000 for fencing and 2,05,000 for digging of Bore well then Mr. Sunil sold the above property to Mrs. Deepa and Mrs. Mamatha on 13-11-2014 for Rs 18,63,000/- So for the purpose of calculating capital gain I solved above mentioned case like this: Agricultural land is not a capital asset so here in this case it will become the capital asset only from the date 09-03-2014. So it will be a short term capital gain to Mr. Sunil. So I took the cost of acquisition as fair market value of property on the date of conversion or can I stamp value of the property on the date of conversion so please tell me whether my solution for the problem is correct or not..