Capital Gain

Exempt as the agricultureal land is not a capital asset. So no Capital gain arises

U/s10(37)

In the case of an assessee, being an individual or a Hindu individual family, any income chargeable under the head” Capital gain” arising from the transfer of agricultural land, shall be exempted, Provided 

Such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual, or a parent of his