Tax exemption on short term capital gain from property sale

Prashant (abc) (66 Points)

11 June 2015  
Hello, I have sold my property and have some amount(for ex:40 lacs) as capital gain. Now I am investing 20 lacs in new property, rest is loan amount. And I plan to deposit the remaining amount in SBI maxgain account of the loan of the same property. Can I get tax exemption on this short term capital gain by investing/depositing the remaining amount in SBI maxgain loan account? Regards, Prashant.