Exemption u/s 54 available if home loan taken

Mr X Sold the residential property in 2023-24 & capital gain from property is Rs 60 lakhs. He purchased the new residential property in 2023-24 for Rs 70 lakhs but he has taken home loan for Rs 30 lakhs. Whether emption u/s 54 will be available in the portion of home loan?? Exemption available will be Rs 60 lakh or 40 Lakh ?