Its only a matter of time before you seek for an LC meter. Most multimeters have a capacitor meter, but very few have an induction meter. Ekusehe Bangla designed his own DIY LC Meter based on the PIC16F628A micro. It uses a typical LC tank oscillator circuit to calculate the L and C values from the resonant frequency. A nice feature is the auto-calibration of the meter by shorting the test leads. The output is shown on a 2 by 16 LCD display.
Find complete documentation and circuit operation in this link