"Your school is in India."
Translation:तुम्हारा स्कूल भारत में है।
It can. But note that विद्यालय is 'vidhyalay' in Hindi (the last 'a' vowel is dropped while pronouncing).
Also, विद्यालय is a slightly 'formal' word. This means that while it is very common in newspaper articles and names of schools, it is not used as much in conversational Hindi.
तेरी is a form of तू. It is informal and is reserved for very close friends and family of around the same age as yourself. It may be considered rude in other contexts.
तुम्हारी is a form of तुम. It can be used for most people of your age or younger or when you want to shoe intimacy.
If you want to be more formal, you can use आपकी which is a form of आप.