LTCG / Under construction Flat / Selling before or after possession ?

[sunil1967]

I booked from builder under construction flat in Aug 2006 . It will be ready for posession in Oct 2012 . I want to know the following .

1) If I sell before possession , will the gain be LTCG ?

2) If I sell immediately after possession ( means after registry in my name ) , will the gain still be LTCG or I have to wait another 3 year after possession to avail LTCG ?

Please clarify .