How to declare cash received in propert sale

You cannot declare 40 lacs cash in your ITR. You also cannot deposit the whole 40 lacs in bank. This is black money and cannot be disclosed. You will have to split it up in small portions and deposit in banks, deposit in PPF, invest in NSC, invest in gold, invest in insurance etc.

If you wanted to pay tax on 1CR why didn't you make the sale deed for that amount? If you want you can still pay tax on the stamp duty value if it is more than 60L.