Dear experts,

I am  planning to upgrade my house in 2015 by selling my current home.  Below detailed query is to understand full picture of my tax planing in 2015 and later. i am aware that law can change any time however would like to plan based on current laws and later will adjust my decesion based on modification in law in future if any.

Below is scenario.

I purchased a flat in December 2011 in pune after taking home loan of 25 lakhs for five years duration. Total price of property at that time was 47 lakhs.
I want to upgrade my house in year 2015 (after 3 years) by purchasing a new house of approx 1 crore. I plan to take home loan of 80 lakhs from bank and approx 20 lakhs would be my contribution at that time.
I will clear my current home loan of 25 lakhs before dec 2014 by doing pre-payment of entire loan amount and full settlement.
After I purchase new home (lets assume in Feb 2015 for my scenario), i plan to sell my old (current) home. Assume i get 60 lakhs by selling by currnet home.
Sale proceeds of first/current house (60 lakhs) will go towards part payment of new home loan so that my loan amount remains minimum (20+60+20) 20 lakhs only.

Please note that first i want to purchase home in 2015 and then sell my current home as i don’t want to shift in-between to rental home.

So far , I have not been availing benefit of 80c from home loan because i already have more than 1 lakh investment in 80C other than home loan (PF etc). However from december 2011 i have been availing section 24  benefit as interest on current home loan.

I have following queries if I go for above arrangement.
1) In 2015 onwards returns , will i get benefit of 1.5 lakhs interest as per section 24 of my second home loan (which i will purchase will feb 2015)  ?
2) My new house (which i will purchase in 2015) will be considered as my first house or second house as per income tax law because that is only house I will have (though technically that would be  my second purchase). how much benefit i will get for interest on this new home loan 1.5 lakhs or unlimited ?
3) Do I need to deposit proceeds of first house (current house) in 2015 in any capital gain bank account and then do part payment of second home loan ?
4) Do i need to pay any wealth tax or notional rent if i purchase new property of 1 crore (in feb 2015) but  not able to sell by july 2015. if yes, will i get refund bank in 2016 return (assuming it is sold between july 2015 to july 2016)
5) Till what month/year i must sell my current house or there is no restriction.
6) Is above plan good or any suggestions with which i can save more tax.
7) How taxation will differ if instead of taking ready to move in property i purchase under construction flat in feb 2015 which will get completed ,let’s say in Feb 2016.
8) while taking second home loan , is it good idea to inform bank that though i am taking loan of 80 lakhs but i will do part payment of 60 lakhs in few months . this is not a tax related query but in case you know………..