This study is an attempt towards a comprehensive ex-post evaluation of the village woodiot scheme being Implemented in Gujarat state of India since 1974. The scheme is meant for raising trees on village common lands to meet the fuelwood needs of the local people. The technique of cost-benefit analysis has been applied as the analysing tool for this evaluation. The study relies on the actual knowledge of the people gathered through a questionnaire survey involving 467 respondents belonging to 32 villages. In addition, the field level Information on costs and benefits (along with the distribution among various groups) of 124 harvested village woodlots, located in 15 districts of Gujarat provide the supporting database for the financial, economic and social cost-benefit analysis. The results of the questionnaire survey indicate the high level of awareness and concern among the people about the tree planting programme in Gujarat. But it clearly Identifies the low involvement of the village poor in the activities of the scheme and the high aspirations of the village panchayats to realise more income from the sale of the products. While the financial analysis of the village woodlots presents a little dismal picture, the findings of the economic and social CBA explain the socio-economic importance of the scheme in the rural economy. The shadow pricing has a remarkable impact on the overall results of CBA. The study has attempted to test the sensitivity at different levels of shadow prices, both in the economic CBA and social CBA.