Capital gain tax

Though you have paid for the land in installments, the acquisition is complete only when land was registered in your name. If you sell the land, it will give rise to a Short Term Capital Gain as 3 years have not complete since acquisition. You have to pay tax on short term capital gain depending upon the slab rate under which your total income falls. The cost of acquisition will be total cost i.e. sum total of all installments. Exemptions are available u/s 54 only for long term capital asset.

Hence it is better to postpone the sale till the land becomes a long term capital asset.
 

Hello, Sir

Following is case law which can help on your case 

The Learned ITAT Delhi Bench in a Landmark judgment has held that the asset or right in asset is created when the builder issued an allotment letter to the assessee specifying the actual unit no of the property and any payments made before allotment is to be provided indexation from the date of allotment and any payment made after is to be provided benefit of indexation from the date the payment is made.

Thanking you

Vinod