The judicial principle is that for any property or service taken there is a consideration involved and the consideration should be paid by the person involved.
So in your case if the property is given in lieu of the partner's share, then the retiring partner's share will be assumed to be bought by the person who has given the retiring partner the property (obviously the property should be in the new partnership share acquirer's name. Also stamp duty and registration has to be compusorily done for such an agreement.
Capital Gains tax will arise if there are capital gains, e.g. the property purchase price would be x while the current market value would be y. If the indexed value of x tilldate is lower than y, then capital ains has to be paid.