Section 54 of IT Act

Hi,

I own three three residential flats. Out of which I want to sell one residential flat and buy a new residential flat out of Long Term Capital Gain amount. Can i claim exemption under Section 54 of IT Act for the above investment (Because Section 54 does not restrict owing multiple properties when selling one of the properties)?

Can anyone please clarify?

Regards

K M Ganes

Coimbatore