Income Tax Advise wrt Property / Capital Gains Tax / Loss from Pr

I have my residence in Noida taken 10 years back and I am planning to close the housing loan of the same immediately. The property is in joint name of myself and my wife and we have been claiming the deduction of 1.5 lacs each for interest paid on this property. My wife has taken another residential property nearby and possession of the same has been taken 3 years back. Since she had taken loan on same which is cleared by now, she has been claiming loss of income on the same in 5 tranches. Now we want to sell off one of these properties and take a bigger house to live which will cost maybe twice our current residence and as such the interest cost on bank loan will be heavy. We need an advice on the following : 1). If we sell our existing residence and take this new property, can we claim loss of income or will we be able to claim only the limited tax rebate of 1.5 lacs per person 2). If we sell the other property (wife’s residential property)and take the new property what are the tax implications. Will capital gain tax be applicable, if yes at what rate. What happens to the loss of income claimed till now. 3). In such a situation, what is the best possible solution to save maximum amounti.e., claim maximum tax rebate due to the extent of interest that will be payable on the new property. In any case if I buy the new property, I will be forced to sell one property to generate the down payment for the new property. Please advise.