Capital gain account scheme

Mahesh Reddy K (Bangalore) (65 Points)

02 February 2013  

An assessee got a LTCG of Rs.20 lakhs in SEPTEMBER 2011 (Date of Transfer).

He invested the same amount in FIXED DEPOSIT in OCTOBER 2011.

He Purchased another residential property in AUGUST 2012 by utilising the same amount

My doubt is whether the assessee can claim deduction u/s 54 for the AY 2012-13?

He did not invest that amount in CGAS.Is there any specified time within which the amount should be invested in CGAS?