Want to sell my property for Rs. 5.5 Crores

Hi, I am an owner of a property of 486 sq.ft carpet in Bandra West, Carter Road, Mumbai. I have procured this property from my parents who have expired in 1990 and 2008 respectively. This property was transferred in my name in 2010 and my name put in the share certificate as a nomination was put by my mother the last surviving person in 1992. They had purchased this property from builders directly outright for Rs. 650000 in 1987 and in due course of time Stamp duty was also paid. Now I am planning to retire as I am 43 and planning to move to a different city in India. I want guidance,how much can be taken by cheque and Cash. I will be using this money to buy a bungalow in a different city but meanwhile after selling I will be living in a rented apartment in that city.I would like to know : A) How much to take in cash and cheque....Have a ready party to buy the flat. B) With the proceeds can I stay in rented apartment in a different city....For how much time? C) How to save Tax???? Regards Sandeep