Hello Alok,
As per 12th exams there is no limitations for attempts..you can attempts more than thrice.
But for the exams you can wait for long months.So its better if you clear as soon as possible.
Also, Improvement exams are for students who are not satisfied with their marks and are willing to take the exams again. CBSE Improvement Exam can be taken in one or more subjects in the succeeding year only after passing the subject in Class XII.

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