Do I have to pay Income Tax if a builder pays me 10 lakhs for redeveloping it?

Our society has decided to go for redevelopment of our building and a builder will pay us Rs. 10 lakhs and give a new flat each. The new flat will be given for possession only after 2-3 years. However the 10 lakhs is being paid to each of us in slabs. By Mar'10 I will receive close to 4 lakhs. Do I have to pay Income Tax or Capital Gains tax on this?