Capital Gains Tax

Dear Sir,

If you sell this plot now, then this will result into  Short Term Capital gain since period of holding is less than 3years, hence gain cannot be claimed exempt by acquiring new house...

Further the gain which was exempted in MAY 2008, will  become taxable during FY 2011-12.

So not advisable from Taxation point of view.

I would say -

For Transfer of House in May 2008 - U can still construct a House on the plot acquired in Nov 2008. Construction should be completed Till May 2011.

Then capital gains shall remain exempt + U have to hold this new house for 3 years from May 2011.