Capital Gains

I have a residential property which I bought in 2003 for 17 lakhs. Now I’m planning to sell this to a builder who will be promoting apartments. As per the agreement, he is going to pay me 80 lakhs in phases. Here are the tentative timelines

1. Nov 2007 – I sell builder (or give him power of attorney) for 50% UDS for the land and he pays me 10 lakhs
2. Mar 2008 – Builder pays me 10 lakhs
3. Apr 2008 – I sell  builder another 25% UDS and he pays me 10 lakhs
4. June 2008 – I sell builder another 25% UDS and he pays me 10 lakhs
5. Sep 2008 – Builder pays me 10 lakhs
6. Dec 2008 – Builder pays me 10 lakhs
7. Feb 2009 – Builder pays me 10 lakhs
8. April 2009 – Builder pays me 10 lakhs

How should I calculate the long term capital gains for this transaction?

Since I sell the property in three instances (50% , 25% and 25%), would it be considered three transactions ?

I’m intending to invest my long term capital gain in bonds.My long term capital gain is more then 50 lakhs. Is the limitation of 50 lakhs on capital gains bonds still be applicable here since I sell in phases ?

Since the three registrations and payments spans across three financial years, how should apply indexing ?