Applicability of Sec. 50C, 56(2)(x), 56(2)(vii) for purchasing a Rural Agriculture land Under SDV ?

I am planning to purchase rural agricultural land (not a capital asset) with a stamp duty value (SDV) of ₹10 lakh, but the sale consideration is set at ₹5 lakh. 
Can you please help me with following questions regarding this transaction:

1- Will Section 50C of the Income Tax Act be applicable in this case?
2- Are Sections 56(2)(x) and 56(2)(vii) relevant to this transaction? Will I have to pay tax under the "income from other sources" head under these sections for this transaction?
3- Is there any other section of the Income Tax Act that could apply to this transaction and potentially create a future tax liability for me?
4- Can I proceed with this transaction without worrying about future tax implications?

Thanks.