LTCG on joint development of my plot

I purchased a plot in Chennai during 1987,for rs.20000/-.Now I propose to give it for joint development with a promoter on 50:50 basis.and i am already having 2houses/1house/no house.What is the possition LTCG on this three different scenarios.The developer is going to give 2 flats,after completion.My investment/extra money given time is nil.Advise me on this 3 scenorios the LTCG effects.