Capital Gain

If the specified assets are transferred within three years from the date of acquisition, the capital gain exempted earlier would be liable to tax in the year in which they are transferred. Hence you have to wait for a minimum of three years to complete to qualify for LTCG aor else the entire transaction will be taxed as stated above.

As far as the first capital gain arising out of sale in May 2008, LTCG benefit u/s 54 has become absolute since the stipulated condition of completion of a new residential house within three years of sale transaction. Care should be taken to mention all relevant dates including date of completion in the annexure to the tax return.

Regarding the second transaction, if the date of registration is over three years from the date of registration of the plot of land, stated to have been purchased in Nov.2008, then the capital gain arising would be treated as LTCG. Also, it shall be ensured that payment of full consideration for this sale is also effected after three years, to avoid contrary view by the Assessing Officer.