Sec 54 of income tax act

dear you are mixing two different provisions of Income tax Act.

These are two different things, applicable in different situation.

Dates of payment of Advance tax  are normally once in 3 months, whereas as per Section 54, there is no minimun time of investment. Hence, if person invested the amount before the due date of advance tax, he is not liable to pay advance tax.

moreover, if a person invests after payment of advance taxl, he is eligible to claim refund.

Thanx Ashish...But my ques is suppose the person does not invest the amount of LTCG in const / purch for next 1 year but decides to invest the amount in the second year in that case how can he avail the benefit in the year of actual sale....Doesn't he has to pay the advance tax on it in year of actual sale????

He may do two things in that case:-

1) Pay tax & then claim refund

2) File return without paying tax and without claiming deduction -- then file revised return.

But 2nd option is little bit risky because if revenue issues any notice before filling revised return, then the assesse can not file revise return, as the time limit prescribed u/s 139(5) expires.

Thanks for your question, it's a good question.