I have planed to take gmat on the month of february. Do i have chance to apply after february for fall intake?

What schools are you looking at? Although many schools have not announced their 2017 deadlines, you can get a good sense from last year's deadlines:

http://find-mba.com/news/2015/06/upcoming-mba-application-deadlines-for-fall-2016-us-business-schools

If you applied in February, you'd be applying after the second round deadline, if you were looking at schools like Haas, Yale, Michigan Ross, etc. For schools like Katz you'd probably be out of luck altogether.

It's usually better to apply in earlier rounds.