Captial Gain

Dear team,
here is a query.
1. One of my client has acquired by way of gift a land along with old building in 2003 for 34,00,000.

2. Infact the land was purchased in the year 1962 for Rs. 22000/-

3. Now, would like to go for development of apartment on the following terms.

a)Receiving a non refundable deposit of Rs. 2500000 from builder.
b) Receiving in kind of 4 apartments worth Rs. 4500000

now, my queries:-

1. Is the cost 34,00,000 should be taken or Rs. 22000/- while calculating capital gains?
2. if 22000/- to be considered then what will be the base index
3. How to calculate the capital gains? i.e., whether the sale consideration can be taken as Rs. 7000000/-(2500000+4500000)
4. Is there any possibility of claiming 54 F

Kindly do clarify and provide case law if any

thanking you in advance