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?