Capital gains

Exemption available only in three ways:-
1. Section 54F
If you are using your entire sale proceeds to buy a house property you may end up paying no tax on your gains

2. Capital gains account scheme
If you have not been able to invest your capital gains until the date of filling of income tax return (usually 31st July) of the financial year in which you have sold your property, you are allowed to deposit your gains in a PSU bank or other banks as per the Capital Gains Account Scheme, 1988. And in your return claim this as an exemption from your capital gains, you don’t have to pay tax on it. However, you must invest this money you have deposited within the period specified by the bank, if you fail to do so, your deposit shall be treated as capital gains.

3. Section 54EC
you can still save the tax on your capital gains, by investing them in certain bonds. Bonds issued by the National Highway Authority of India (NHAI) or Rural Electrification Corporation (REC) have been specified for this purpose. 

Sir, will I get the deductions in Capital gain for the amount invested in commercial property from the amount received on sale proceeds ?

Sale proceeds invested in commercial property is not eligible for capital gain exemption.

ok, so I have to invest the sale proceed in Capital gain bonds in 54EC.

sir, I have other Query - I have taken commercial loan on my fathers name, can I claim the deduction of Interest in my ITR Return or deduction of Interest can be claimed in my fathers return only?

Before investing in Bonds, Read section 54EC in detail.
only your father can claim interest paid from their business or professional income.

ok sir, Thanks for your advise.