Is the benefit of depositing amount of capital gains in capital gain account scheme is available to claim exemption under section 54B?

Ans.  Yes, if till the date of filing the return of income the capital gain arising on transfer of the old land is not utilised (in whole or in part) for purchase of another agricultural land, then the benefit of exemption can be availed by depositing the unutilised amount in Capital Gains Deposit Account Scheme. The new land can be purchased by withdrawing the amount from the said account within the specified time-limit of 2 years.