Re: how to do this transition or what is it called?

Midhun, simple, simple simple.......just delete frames, then skip/leave some frames you want to display, then delete more frames (29.97 frames equal one second, so delete as many frames to show the jump you want to project).

Another way to show what I mean is to run the clip, stop and delete as many frames you want to remove. Then, run more of the clip you want to show, then stop and delete the next number of frames you want not to show. That way, the action is seen, then deleting frames eliminates the action, then the next set of frames you want to keep shows the resulting action in a new size(zoomed in/out, position, etc.).

Good luck and keep creating to make your videos fun!