r2i forum

Hi,
I am a resident indian. I have tax question.
I was allotted a house in 2003 by a Govt housing sceme for 30L. I took a part loan of 20L and have paid all the money to Govt. as well as bank(+10L interest). The project has got completed just now and registration will happen in 2 months. I have a few questions.
1. If i sell this house, will this be short term capital gain or long term capital gain?
2. If it is short term capital gain, will it consider 30L as the cost price or can i add the bank loan interest to cost price?
3. I intend to buy another house this year. Can i someway wave off the tax liability of selling the old house by buying this new house?
Any answers/insights will be appreciated from the bottom of my heart.
Thanks and regards,
Bappa