In next-generation wireless communication systems, a dynamic time division duplex (TDD) system is promising to support simultaneous uplink (UL) and downlink (DL) transmissions. We herein consider a fixed number of feedback bits per DL user, where each DL user reports its quantized channel direction information (CDI) of the interference channel to a serving DL base station via its dedicated feedback channel. Based on the quantized CDI feedback, we design the UL and DL transmit zero-forcing beamforming (ZFBF) to mitigate the interference signals caused by the coexistence of the UL and DL transmissions. To maximize the DL data rate, the challenge of interference cancellation lies in how many feedback bits are adaptively allocated for the transmission of the quantized CDI of each channel link. This paper proposes an adaptive feedback bits allocation scheme which minimizes the mean rate loss between perfect channel knowledge and limited feedback system. We also propose the UL transmit power allocation scheme under the interference power constraint from the UL user to the DL user when the number of feedback bits for the quantized CDI is given. To jointly solve the feedback bits allocation and the UL transmit power allocation problems, we use an iterative scheme to maximize the DL data rate while satisfying the constraint of interference power. Finally, we investigate how many feedback bits per DL user are required to maintain a constant mean rate loss. The simulation results show that the proposed adaptive feedback bits allocation scheme significantly increases the DL data rate compared with the conventional schemes.