Taxation of Property acquired by KIADB

When the transfer of a capital asset is by way of compulsory acquisition under any law, the compensation received on such transfer will b taxed as CAPITAL GAINS. there are exceptions when such compensation received u can claim dedution U/s54 by purchasing a new residential house property with in 2 years from the receipts of compensation from the govt.

it is acquired in the year 08-09, we have not yet filed the return of income for that period can we eligibleto claim exemption now  u/s 54 since we have not yet filed the return

it is not the subject matter in which year it is acquired by the government,

but year in which the compensation received is taxable and from that date with in 2 years you need to purchase a new house for avoiding the on capital gains.