Income tax query

Agriculture land will not be treated as capital asset for the purpose of capital gains
So, your transaction is not taxable

Urban agricultural land is capital asset, and its transfer is taxable under capital gains.......

Exemption under section 54B can be claimed in respect of capital gains arising on transfer of capital asset, being agricultural land.  This benefit is available only to an individual or HUF. 

Dear Pravindra Ranjan Choudhary,
Agricultural land situated in Urban area is treated as Capital asset by virtue of section 2(14). (subject to fullfillment of conditions )
You have inherited the same then it will be taxable in hands of you.
COA shall be COA in hands of previous owner.
Period of holding shall of previous owner shall be included in your period of holding. ( Section 2(42A)).
Apply second proviso to section 48 i.e. Indexation.
Amount forfieted if any by the prevvious owner shall not be dedcueted from the COA
Amount forfieted by you after 1.4.2014 Shall not be deduted by virtue of section 51 and 56(2)(ix).
Case of RM arunachalam (SC) is relevant for you.
Compute Capital gain u/s 48.
Tax exemption u/s 54B if agricultiral land is purchased by you utilising that Capital Gain amount.
Hope this will help you out.
Thanks.

Thank You all of you for your fruitful suggestions