Repayment of loan eligible for exemption u/s 54

Dear Experts

One of our client Mr. X has purchased a house property from Mr. Y one year ago. Mr. X paid the consideration by taking a loan from a ICICI Bank. Just one month ago Mr. X has sold another house property owned by him. If Mr. X uses the money of capital gains to repay the loan taken from ICICI Bank, will he be eligible for the exemption u/s 54?

Replies (1)
according to me, it should be allowed under 54. because current period capital gain can never be practically utilised in purchase of property in past. so i think that repayment of loan of property puchased a year ago should qualify for exemption under 54. ...... other views are also welcome.

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