Capital gains on sale of land

In your Case:
1. Sale Consideration shall be amount recieved as well as amount to be received from the buyer ( Subject to Stamp duty value section 50C).
2. SDV of 2005 shall be taken into consideration provided advanve money has been received though banking channel ( Provided 50 is applicable).
3. Computation of Capital gains shall be in A.Y.2006-07 , as transfer of property is is done when possession of property is transferred irrespective of Registeration (Section 2(47)).
4. Capital Gains in the hands of assessee shall be in proportion to its share of holding in the property.

Specific Answers to your queries:
1. Case 1: If property is sold less than SDV, SDV shall be taken for computation of Cap gains (50C). AO may also be wiling to know the relationship of buyer with assessee ( if it seem buyer is not relative he may invoke section 56(2)(vi) now 56(2)(x) ).
Case 2: Cap Gain computed may be less than due to appropriation of Cap gains in the hands of assesse , in this case you have to justify with relevant supportings.

2. Compution of capital gain has already been specified above. You will have to file return accordingly.

Hope this will help you out.
Thanks.

thanks a lot