Ankur,
http://www.cisco.com/en/US/docs/security/asa/asa82/release/notes/asarn82.html#wp315678
To ensure that your configuration updates correctly, you must upgrade to each major release in turn. Therefore, to upgrade from Version 7.0 to Version 8.2, first upgrade from 7.0 to 7.1, then from 7.1 to 7.2, and finally from Version 7.2 to Version 8.2 (8.1 was only available on the ASA 5580).
So, you are correct.
-KS