When a shareholder gives away piece of land to company as share subscription, it can be treated as sale for tax purpose and not investment.
A shareholder can not transfer asset at lower than market value hence, value should be determined by professional appraiser.
Where the transferred asset is land, it could be subject to specific business tax upon registration at Land department as well.
Ind AS 102 share based payment states treatment for such type of transaction but it does not specifically guides regarding transfer of Land by shareholder. No standard particularly refers such types of transactions, however there are few court decisions supporting above treatment.