The issue of sale of flats of an apartment by the owner of Plot

Kindly arrange to accords your esteemed valuable advice on Facts are as under:- (1) Owner inherited plot  and  got mutated in his name and subsequently after construction of livable 2bhk   made it freehold in January,2008   (on the demise of his father  who bought it  in the year October, 1974 ). (2) Owner resided there up to December , 2014, and thereafter signed an MOU with developer to construct apartment  subject to condition  share ratio pertain to as 60% developers and 40% owners of the apartment. (3) Flats got ready to sale in august, 2017 and builder has started selling flats of his share   from September,2017 and onward. Queries (a)For the purpose of income tax return, what would be the parameters to be taken care of for calculating the income tax capital gain long/ short by owner? (b) If income tax liability exclusively vested upon the owner of the plot in respect of builders shares too in the apartment, if so, what would be elements and formula for calculating the capital gain long/ short? (c) If income tax liability vested upon the builders in respect of his shares in the apartment,   what would be elements and formula for calculating the capital gain long/ short? (d) Any precaution required to be taken care of for calculating capital gain tax by owner of plot. Your valuable opinion in the matter is solicited.