Hello Deepak:
Thank you for contacting National Instruments.
This error most often occurs when you try to open a VISA Session to a resource that already has been opened, http://www.ni.com/support/labview/visa/default.htm, is a good resource to troubleshoot Error -1073807246
Do you have the latest VISA driver 2.6? IF not, you can download the latest visa driver from ftp://ftp.ni.com/support/visa/drivers/
Since you mentioned that you are new to LabVIEW you will find the example programs for LabVIEW very helpful. If you go to the Help menu in LV >> Examples.. >> I/O >> Serial you will see a couple doing Serial communication. I would suggest tweaking them to suit your need.
Hope this helps. If you have any questions, please let us know.
-Pavan B.