Whether tenancy right is capial gain or not and 54 section

Yes, sale of tenancy rights is also a capital gain. But section 54 is not applicable because this section is applicable on sale of residential property itself if one is owner of the same. 

Benefit under section 54EC (purchase of certain bonds) and Section 54F (purchase of residential property) is still available if it is long term in nature.

Tenancy Rights are no doubt capital Assets as per definition given under Section 2(14). Means Transfer of Tenency rights attrachts Capital Gain Tax.

Benefit Under Section 54EC is available on transfer of Long term Capital Asset.If resulting gain is Long term you can invest amount in certain bonds. within 6Month form the date of transfer.

Benefit Under Section 54F can also be claimed provided that NET CONSIDERATION is invested in a residential House Property.

Remeber that assessee should not own more than one house on the date of transfer. and should not purchase or construct new house within 2/3 years as the case may be.

holding tenancy rights, not eligible for capital gains relief u/s 54 check ruling reported in taxsutra.com [TS-452-ITAT-2013(Mum)]