Joint Development Agreement - Taxation

if a land held as capital asset by a real estate company, is transferred to a developer under an joint development agreement in a ratio of 40:60 share in land or future revenue received from the project ( 40% share of assessee and 60% share of developer).
1.can land be treated as stock for the company?
2. when will capital gains arise?
3. on what value the capital gain will be computed - 100%/ 40%/ 60%?