Is it gynacomastia ?

[GAV]

I am 35. I have reduced my weight by 12 Kgs lastyear 
Now I am 5 foot 7 inch and 72 kgs in weight 

[GAV]

any suggestions ?

[hammer]

Not really! Gynecomastia means male breast enlargement, to me you look normal! We have many men that pay thousands of dollars to get a flat looking chest like yours, be happy! 

[Paa_Paw]

Agreed. 

[res.Cogitans]

You just have more fat in whole of your body (including your chest).
In my opinion, its the only "problem" you do have, so if you are looking for a solution, lose fat and gain muscle. 
No gyno there