Mr.X is running a business in the individual capacity. He has an agricultural land with farm house and he has shown in his balance sheet. It has purchased the same in the year 2007. Now he has sold for Rs. 10 lakhs. The cost of the asset was Rs. 5 lakhs. At present he has deposited in his SB a/c. How to save capital gain tax. Whether if he purchases any asset, can he claim exemption from capital gain tax. Otherwise if he deposited in the Housing Deposit Scheme account and claim exemption from the capital gain tax. The acquisition and sale period is less than 3 years. So it comes under short term capital gain tax. Please reply.