It depends on the motive at the time of purchase, not the length of holding.
Correct. If the property was purchased for self-use and you actually held it for as long as 3 years, there is a good chance that it is considered a "capital" item. "Capital gain" is not "profit" and not taxable.
A property purchased for "trading" is a "revenue" item. Any "profit" from the sale of such revenue item is subject to tax.