Capital gain

Refer S.  48 

70-20 Lakhs is the capital gain

Not the capital gain itself but it might affect exemption [U/s 54/54 F , if applicable]

There are a few judgements wherein it was held that exemption should not be allowed to the extent loan was taken

However there are contrary judgements also wherein exemption was allowed in full.

Just check your jurisdiction, suppose in your area there is a HC judgement wherein exemption is not allowed to full extent ,then it won't be very nice idea to tell you to calim full exemption on basis of some other judgement of some other high court

In my personal view, loan itself should not affect the amount of exemption