Yes, You can claim exemption,
under section 54 :
Section 54: Proceeds from Sale of Old Residential Property used to Purchase a New Residential Property.
Any Long term Capital Gain arising either to an Individual or a HUF from the sale of a Residential Property shall be exempt to tax to the extent such Gain is invested in:
The Purchase of another residential property within 1 year before the date of sale or 2 years after the due date of transfer of the property sold or
Construction of a Residential House Property within a period of 3 years from the date of transfer.
In case of compulsory acquisition the period of acquisition or construction will be determined from the date of receipt of compensation (whether original or additional).
The Assessee should take a note that with effect from assessment year 2015-16 exemption can be claimed only in respect of one residential house property purchased/constructed in India. If more than one house is purchased or constructed, then exemption under section 54 will be available in respect of one house only. No exemption can be claimed in respect of house purchased outside India.
Amount of Exemption:
Exemption under section 54 will be lower of following:
Amount of capital gains arising on transfer of residential house; or
Amount invested in purchase/construction of new residential house property (including the amount deposited in Capital Gains Deposit Account Scheme)