How profit earned on a flat booking taxed?

I had booked a flat in the year 2007. After that construction started. The construction is now complete. I wish to sell the same to a buyer even before the flat being registered in my name, i.e. the sale deed will be between me, the builder, and the buyer, which will be executed in Feb 2012. I will earn some amount from this sale. How the income tax will be levied on this transaction. Whether it will be a capital gain, and if so, short term or long term?