After working on it for 2-3 days, I came to know that TxnID will be created after the sales receipt is saved in QB POS through the IPOSService ProcessQBPOSXMLRequest method.
ProcessQBPOSXMLRequest only takes and repond in XML format. I created the receipt request in XML and send it ProcessQBPOSXMLRequest for processing.
I was avoding creatingg the XML request, since it was a long and tedious work, but I did similar work while creating another application with QBPOS SDK v3, with QBPOSFC3 library. I copied the code and add reference to QBPOSFC3.dll, and created xml from IMsgSetRequest interface which send request to POS request processor and convert the request in XML format.