To answer to the FIRST part of your question -- In India, copyright generally lasts for 60 years after the death of the author or 60 years after the publication of the work, depending on the nature of the content.
1. In case of original literature, dramatic, musical, and artistic works - the period of 60 years is counted from the beginning of the calendar year in which the author of such work dies. If there are multiple authors / creators of a work, then the additional 60 years period is calculated with respect to the author who dies last. If the author / creator of a literary, dramatic, musical or artistic work (other than a photograph) is not known/anonymous or is psedonumous, then the "publisher" of such work will hold copyright in the said works. However, if the identity of the author is disclosed before the expiry of the said period, copyright shall subsist until sixty years from the death of such author.
2. In case of films, sound recordings, portraits, posthumous publications, anonymous and pseudonymous publications, public works, and works of international organizations - the period of 60 years is counted from the date of publication of such work.
To answer to the SECOND part of your question --
Once the author dies, the ownership of the copyright will be to whoever the author had chosen or to the legal heirs, and such new assignees will continue to hold the copyright for a period of 60 years from the author's death. Once the 60 year period is over, the said work will come into the public domain.
To answer to the THIRD part of your question -- You can use/sell/distribute Shakespeare's original work and make money out of it as it is in the public domain, however, if you claim ownership of such work, it'd be considered misrepresentation.