20 June 2013
Dear All, If an assessee has a capital gain in previous year on sale of property on the last day(i.e.31 Mar) and he has not invested in that year against sec 54. and paid tax on that.
I the following AY he invested the same money against Sec 54.
20 June 2013
As per provisions the capital gain has to be deposited on capital gain deposit scheme on or before due date if he could not utilized the same before due date.
So in your situation he is not liable to claim exemption.
However there is a recent judgement (around one month old) where benefit of exemption is allowed even if capital gain is utilized after due date.
Just search for the judgement as I have read but not in my mind right now.