Hi Saurabh,
I am on OPT extension now and I am applying for H1B this april and my OPT is valid till Dec 2013. I am thinking of going to India after applying H1B in regular processing, and I am planning to travel to India in April last week and return by May 2nd week. So can you please tell me is it safe to go India in thi situation.
Your COS from F-1 to H-1 will be abandoned as soon as you leave US. This means, you can still return on F-1 and your H-1 may still get approved, but you cannot start to work on H-1 unless you enter US on stamped H-1 visa or file a COS from F-1 to H-1 (once H-1 gets approved). The other option is to travel after your H-1 is approved w/ COS and return on F-1/OPT prior to Oct 1. This way H-1 COS will still go into effect from Oct 1.