1 crore exemption u/s 54ec

Yes, he can claim.  the provise to the section reads as follows:

[Provided that the investment made on or after the 1st day of April, 2007 in the long-term specified asset by an assessee during any financial year does not exceed fifty lakh rupees.]

It says that the investment shud not exceed 50lacs in any financial year. If the investment is made in Feb12 & again in Apr12, then the two months fall in different F.Y.s i.e. F.Y.2011-12 & 2012-13.  Also provided that the period between the two months falling in two different financial years does not exceeds more than 6months, as the investment is requried to be made within a period of 6months from the date of trasnfer.

in the case of ACIT vs Shri Raj Kumar Jain & Sons (HUF) where ITAT disallowed assessee claim u/s 54EC for investment of rs 1 Crore falling in two F.Y , held that Investment within 6 months is the investment for that financial year in which transfer has taken place. Hence, subsequent investment is to be considered as part of the investment of financial year in which transfer has taken place. We therefore, hold that the ld. CIT(A) was not justified in allowing deduction to the assessee to the extent of Rs. 1.00 crore u/s 54EC of the Act.... it says that such benefit cant b taken just because of the difference of time of arisal of a capital gain