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Long term capital gain

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30 December 2015 A and B Two brothers possess a piece of land acquired from their father ,entered into an agreement with a builder to build an apartment on that plot of land.consideration being 43% of total flats to be allotted by the builder to the land owner,from the agreement date 11/08/12 over a period of 3.5 year,approximately the contract ends on April2016.in the meantime while the land owner agreed to take a sum of rs5.00 crore instead of flats.and this 5 crore Wil b paid to the land owner by the builder in this period of time commencing from august 2012- april 2016. my query is in which year capital gain will be taxed in the hands of land owner and what exemptions/relief Wil b available to the land owner
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CA CMA CS Ram Pavan Kumar Melam

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CA CMA CS Ram Pavan Kumar Melam (Expert)
03 January 2016 Please clarify the below:
1. Whether Rs. 5 crores payment in lieu of allotment of flats as per development agreement?
2. If not, against sale?
3. Possession of land delivered to the builder?
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