Capital gains on sale agricultural land

I purchased agricultural land 5 months back. The land is outside 9 kms from nearest municipality. The population of the area is Less than 10000 persons.

I am selling it for a profit of 2 lakhs today. Will I have to pay short term capital gains OR does it not qualify as capital asset and the 2 lakh profit will be tax free ? 

The sale qualifies for short term capital gains as you have not fulfilled the conditions for exemption u/s.54B

Agricultural Land which is not within the prescribed limit from a municipal area of a notified area are not capital assets and are not taxable in the hand of individuals selling those.  Since your land is agricultural land and it is beyond the prescribed limit from municipal committee it does not fall under the ambit of urban agricultural land and is there fore beyond the preview of taxation.  Enjoy it.  Be sure that the land is agricultural land.  To qualify it to be a agricultural land, it has to used for agricultural purpose within 2 years immediately preceeding the year of transfer.

Dear Mr Chugh Please note that the aagricultural land was bought only 5 months back, can you please justify your reply. 

I sincerely thanks Mr.A V Vishal & Mr.C V Chugh for their prompt replies. The land indeed is only 5 months old purchase. These are 2 conflicting replies. I shall be glad if some more panelists give their replies. Thanks again to all penalists.

Dear Raanj,

My stand remains rectified and I concur with Mr Chugh.

PS: Mr Chugh. I am sorry..........

Dear Mr.Vishal,

I am non technical person. I still confused. Please tell the verdict for me: Taxfree or pay STCG.

As I understood, Mr.Chugh means that land shud be in use for past 2 years. Please clarify that even if used for 5 months, the profit on sale is tax free ?

Thanks once agin

It is taxfree.

As replied earlier it is tax free subject to condition as mentioned in my earlier reply. 

And Mr Vishal you need not be sorry, some time one gets confused with conflicting facts.