Section 54f

No, the assessee will not be eligible for exemption u/s 54F. But he may claim exemption u/s 54EC by investing in REC or NHAI bonds to the extent of Rs 50 lac within 6 months after the date of transfer of asset.

Please note that asset transfered must be long term capital asset and amount invested in bonds should not be converted into money for a period of next 3 years from the date of its acquisition. 

Section 54F clearly stipulates that the property which you are going to invest to claim exemption u/s.54F, should be a property which is assessable under the head "Income from House property".No where it stipulates the Invested property should not be let out for commercial purpose. Such property may be let out or used for self occupation purpose. Just because you let out it for commercial purpose does not violate provisions of sec.54F. The deciding factor will be based on the following things

1) If you bought or construct a residential property and let out it for Bank to maintain its branch, such income you should offer it as Income from let out property under the head Income from House property. eligible for 54F

2) If you bought a Commercial property or construct shops in your building then not eligible for section 54F.

So whether eligible u/s.54F or not, consider the nature of registration of property you done with Municipality or concerned officials, Thank you.

In my opinion section 54F exemption will be available only for investment in residential house as is clearly stipulated by section 54F(1). So if the registry of the new property bought is done mentioning it as residential property than even if it is let out to bank for branch purpose it should be eligible for 54F exemption if it fulfills all the conditions of section 54F because section 54F does not mention any restriction that the residential property should not be let out. However if the registry mentions it otherwise that is as commercial property than exemption will not be available.