SharePoint installation error - Setup is unable to proceed due to the following error This product requires Microsoft .Net Framework 4.5

⛔️ PROBLEM

You receive below error message when running any one of the setup - Microsoft SharePoint Foundation 2013 with Service Pack 1 / SharePoint Server 2013 with Service Pack 1 / Project Server 2013 with Service Pack 1.
The Server/computer has Microsoft .NET Framework 4.6, 4.6.1, or 4.6.2 installed.

Setup is unable to proceed due to the following error(s): This product requires Microsoft .Net Framework 4.5.

⛔️ REASON

The error occurs because the SharePoint 2013 Setup and Project Server 2013 setup programs cannot recognize the .NET Framework 4.6, 4.6.1, or 4.6.2 as a supported version of the .NET Framework.
You can fix this problem by extracting the installation files to a writable location or manually installing the .Net versions.

✔️ How to fix Setup error if .NET Framework 4.6 is installed ?

1. Extract the installation media to a writable location.
2. Extract the .exe files and folders from the executable file to a writable location on your server/computer by running following command.

sharepoint.exe /extract:C:\SharePointInstaller\Setup

here,
sharepoint.exe = executable setup file
C:\SharePointInstaller\Setup = path to extract files
4. If the installation media is an ISO or IMG disc image (.iso or .img), mount the disc image, and then copy the files and folders from the disc image to a writable location.
5. Download the compressed .zip file that contains the fix that matches the installation product:
SharePoint Foundation 2013 with Service Pack 1 fix
SharePoint Server 2013 with Service Pack 1 fix
Project Server 2013 with Service Pack 1 fix
6. Open the zip file and copy the appropriate setup support file from the .zip file into the "updates" folder in the writable location.
SharePoint Foundation 2013 with Service Pack 1: wsssetup.dll
SharePoint Server 2013 with Service Pack 1: svrsetup.dll
Project Server 2013 with Service Pack 1: svrsetup.dll
7. Run Setup.exe from the writable location and start SharePoint/Project Server setup. Setup will use the support file that contains the fix that you've copied into the "updates" folder.

⛏️ Workaround if fix does not work

1. Do not install .NET Framework 4.6, 4.6.1, or 4.6.2 before the SharePoint Setup.
2. Uninstall the .NET Framework 4.6, 4.6.1, or 4.6.2 if already installed.
3. Restart the computer.
4. Install the web installer for the .NET Framework 4.5.2.
5. Run the SharePoint setup.
6. Once SharePoint/Project Server is installed successfully, upgrade the .NET Framework from 4.5.2 to the .NET Framework 4.6, 4.6.1, or 4.6.2.