Capital gain

sale of agriculture land is not taxable as it is not covered in defination of capital assets provided it is situated in an rural area which has been clearly defined in the act. 

And agriculture land that is situated not in rural area, capital gain is taxable if the land is used for the period less than two years 

so in your case conversion and sale both will be taxable

however if land is situated in rural area sale of it will not be suject to tax.

Thank you

thankyou for pointing the error i meant rural but wrote the incorrect word.

Any Judgement is there regarding the same ???

or where it is written under which section ??

pl reply