Opinion required on long term capital gains

The Assessee has sold a residential property on 08.08.2012 at a Sale consideration of Rs.72,60,000/- and incurred 2% expenses on Sale Consideration.

            The said House Property was constructed; during the year 2008-09 at a cost of Rs.29,25,000/- on a site purchased on 29.09.2006 at a cost of Rs.19,75,000/-.

            The Assessee reinvests an amount of Rs.1,46,75,000/- in a site (to be constructed by way of Joint Development Contract) on 31.10.2012.

            Further, the Assessee enters in to Joint Development Agreement with a developer on 19.11.2012 for constructing a Residential House Project on 50:50 sharing basis; and received an amount of Rs.25.00 lakhs non refundable deposit and Rs.30,00,000/- as refundable deposit. The said Construction of a new Residential Building/ Complex is likely to be completed by July, 2014. The Assessee intends to retain the entire units of a newly constructed residential building for self occupation and his childrens dwelling purpose.

            Tax implications for the A.Y. 2014-15 & 2015-16 need to be enlightened.