Agreement of land development

sir, one of my client was purchased a land in 1992, cost of acquisition of Rs 75000-00, Now in 2015 he did agreement with a builder for land development with 50: 50 ratio. the cost of land in agreement of Rs 12,00,000-00. Please advice the land lord is liable to pay capital gain tax or not, if pay how to calculate the capital gain. please advise me.