Hi, I recently sold my flat. It was booked in year 1992 with amount 3.5 lakh as cost of the flat. I got passion of the flat in 2000. Last month i.e. April 2011I sold the property for 40 Lakhs. 35L on paper. I intent to buy a home in mumbai with this amount. My questions are
1. Can I invest this amount in mutual fund or share or any other money-growing scheme for one year so I can earn more money to buy home?
2. How much tax will be applicable if I don’t buy home with this money?
3. How do I maximizes my money