I had bought a house in March 2009 for Rs 25 lac as basic price. I spent rs 2.2 lacs for the registry of the same in march 2009. I had taken a loan of Rs 21 lacs for the purchase of the same. I am paying an interest of Rs 2 lac on the loan amount every year. Now I intend to dispose the house for which I am getting an offer of Rs 55 lacs. I have the foll. queries:-
1. I have paid around Rs 6lacs as interest on the loan amount. If I sell the house I have to repay the balance of the loan amount of . What would be my total tax liability.
2. How can I reinvest in the real estate to save on the tax.