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

Ans.  Yes, if the capital gain arising on transfer of the land or building is not utilised (in whole or in part) for purchasing any land or building or any right in any other land or building of for construction of any building till the date of filing the return of income, then the benefit of exemption can be availed by depositing the unutilised amount in Capital Gains Deposit Account Scheme. The new land or building can be purchased or constructed by withdrawing the amount from the said account within the specified time-limit of 3 years.