Doubt in capital gains on sale of property

Dear Sir/Madam,

I am planning to sell a house property owned by me with an area of 6727.50 square feet.

This property was gifted to me by my mother vide gift deed in the year 2012.

She had acquired the same in the year May 25th  1987 at cost price of Rs.42000.

I have a few querries as follows:

1. What will be the capital gains tax on the sale of the above mentioned property if it is sold @ Rs.7500 per square feet.
2. After property sale, i am planning to invest the sale proceeds in fixed deposit. Am I correct?

Please advice your professional views on the same.