It's 45 days I have joined and allocated to a project not of my interest, but employers not ready to release me from that project. Should I inform that I'll need transfer to another location in 6 months ( in which case I'll need a release for sure or quit if not released ) or inform after 3 months with notice (as 3 months is my notice period). But I don't want to quit from the company
Unless you can give them a good reason to reassign you, you are unlikely to get the reassignment, especially this soon after being hired. You certainly haven't given us a good reason.
If you don't want to quit, learn to work with the system rather than against it. Part of that is "paying your dues" by working where they need you, at least for some reasonable time.
(The question was "should I". The above is the reasons doing so appears to me to be a Very Bad Idea. It isn't the answer the OP wants, but it is indeed an answer: you should not inform them of this, because you should reconsider the assertion that you "need" to do it at that time. You aren't likely to get much sympathy, and you aren't likely to get a release from the notice period, and trying is likely to ruin any opportunity that might exist to do this in à more reasonable timeframe and in a way that doesn't make you look like a prima Donna. If your going to quit this quickly, your also better think about whether and how you're going to explain this to interviewers without sounding unreasonable. Heck, in my first 45 days I was barely bootstrapped enough to start doing basics, never mind anything "interesting"....)