Capital gains

My mother inherited residential property in April 1996.In Nov 2011 , she gifted it to my wife and my brother's wife.

In April 2013 , both the ladies jointly sold the property for 8.5 crores and bought a new Residential property in May 2013 for 9 crorers.This new house has 4 floors, with 2 floors each registered in their respective names.

Can we claim exemption under Sec 54 considering that the sale proceeds of 8.5 crores were fully utilized for investing in a the new  property ? This is the sole property in their names and they have not claimed exemption under sec 54 before.

Thanks

Akhil