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  1. That can depend on your age, what amount of risk you want to take,and whether or not you need to take out any money it makes for you, e.g. interest on the account. Without this info you cannot get solid investment advice.

  2. If you want to avoid Capital Gain Tax, you may buy a property or invest the amount in REC for three years or with National Highway Department. There is a ceiling of Rs50 lakhs to deposit with REC. Consult Tax auditor or go through http://www.incometaxindia.gov.in /capitalgain tax

  3. If you are at retirement age and have sold your property at a good price, here is an advice to you. At old age, you have to be ‘ASSET POOR, CASH RICH’. Any kind of investment are risky. Hold on to your money, don’t even think about buying properties or investment. Putting them in bonds, CD, T-Bill. Rent a home, make sure your have adequate health coverage. Enjoy your life.

  4. sale of property may involve capital gains concept. so better take direct advice from a practising chartered accountant in your area. He will advise you tax planning also basing on your actual amounts.