Purchase and sale of agriculture land

Dear all,

We running a proprietor hip business. In the FY-2011-12 we purchased a agriculture land for Amt of Rs.1, 06, 00,000.00(which includes stamp and registration charges 7, 00,000.00). In the month of August from a SC/ST people.

Now we are planned to sale the property .By converting it to Commercial plot. (sale is part by part not a lamp sum). For Rs.2, 00, 00,000.00

Please tell me the taxable amount and should be paid by me.

Note: The property is situated in Hessaragat Bangalore. We are regularly filing IT returns.

Thanks in Advance