Need guidance on capital gains account

Yes,Your Capital Gain is Exempt. Not required to pay single Rupee. You are not required to deposit in CG. It's required when your time period is expired.

Thanks for the quick reply Bhargav. 

Based on your reply, I understand that the CG account deposit is not required - as I have paid  towards my new flat (over and beyond my capital gain) in the same fiscal year as the original plot was sold.

A quick follow-up:  Am I required to report both the sale and purchase in my tax return for this year or is it not necessary?

what do mean by tax return ? ? This transaction autometaclly take place in your books of A/c. and If you are Emplyee (salaried person) then you need not to declare any where becoz tax return concern only when you have are tax payable. As you are not required to pay any Tax then declaration is not required. Prepare all the documents carefully if any cross cheaking arrive By I.T. dept. then you have to declare everything.

Yes your capital gain is exempt u/s 54 and you are required to deposit the unutilised amount of capital gains in the capital gains deposit scheme a/c with a scheduled bank and after that you can make to the payment to the builder through this a/c and after the expiry of 3 years from the date of transfer the amount lying in such account,if any, shall be liable to LTCG in the previous year in which the said time period expired.

As you said you have already made payment exceeding the amount of capital gains than you are not required to deposit any amount in capital gain deposit scheme a/c.

In your return you are required to report the sale of your plot and amount of exemption claimed only.

- Ruben Balooni