Capital Gains From Sale Of Property?

My father left residential site on me and my brothers name jointly, we are planing to sell it for 50 lakhs and then reinvest in our own individual properties or apartments, however I also have another apartment for which I am paying EMI from housing loan with still 8 lakhs left as the principle I would like to sell it too for about 30lakhs and club both my site and apartment 25lakhs(myshare)+30lakhs(apartment)- 8lakhs(housing loan pending) = 47 lakhs money to purchase a bigger apartment costing around 40 Lakhs by doing this I wight endup with 7 lakhs extra in my hand…what is my Tax liability? and do I have to do this within an year? or by July 31st 2013 only before I file my income tax?

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