Capital gain query

Hi, Suni !

You can claim deduction us 54F if your purchase of house property was within the period of 1 year before of the date of transfer of capital asset.( Assumed it is long Term Capital Gain)
As per my opinion there is nothing contained in law baring you to invest in commercial complex but the above said deduction will not be available for such investment.

To get exemption from capital gains u/s 54F, the net sale consideration from sale of original asset must be invested in purchase or construction of house property within the prescribed time limit. Thus it is required to be shown that you have invested sale consideration in purchase or construction of new residential house property. If you invest the sale proceeds in construction of commercial complex, no exemption will be available to you u/s 54F.