New Delhi, Jul 3 (IANS): The election for India's next vice president will be held Aug 7, if necessary, the Election Commission announced Tuesday.

"VP election schedule has been announced. Poll, if required, will be on Aug 7. The counting, if required, will be on the same day," an election commission official said.

While the notification will be issued July 6, setting the election process in motion, the last date of filing nominations is July 20, the poll panel said in a statement.

The date for the scrutiny of nomination is July 21, while the last date for the withdrawals is July 23.

Vice President Hamid Ansari is set to complete his tenure on Aug 10. Speculation was rife that he would be a candiate for the president's post after Pratibha Patil completes her tenure July 24. But the UPA named Pranab Mukherjee as its nominee and he stepped down as finance minister to contest.

The panel said the vice president is elected by the members of the Electoral College consisting of the members of both houses of parliament in accordance with the system of proportional representation by means of the single transferable vote. At the moment, there are 790 parliamentarians.

"The nominated members of both Rajya Sabha and Lok Sabha are also eligible to be included in the electoral college and, therefore, they are entitled to participate in the election," the statement said.

The Lok Sabha secretary general will be the returning officer for the election, the panel said.