Which is better? .in or .com ?

When you say a commercial website, it implies that you intend to make profit from it. So, in the first case, you should be ready to invest money.

If your website revolves around Indian things, .in should be fine. But, if your website is suitable for global audience, I recommend that you go for a .com domain. When you have a choice between a .jp and .com as a visitor, which one would you prefer?

Moreover, when talking from SEO point of view, Google provides search results based on several factors, geographic location being one. The chances of your website being listed when someone from a different country searches for a particular thing would be lesser if you have a .in domain. (I am not a SEO expert, but I think this is true to certain extent)

I could spend money, but its asking 42000 for that one domain , that too per year :(

I agree to your view now, pitching for a .com seems to be better 

@purnedu: you appear to be spooked by godaddy.com, try counterparts like speedhost.in,indiatimes.com etc.

for 1 year .com shall be around 26 %  dearer while for 5 yeras difference shall be reduced to 16 %.

42,000!  So you were talking of a domain already registered. What is the name of that domain?

Why don't you go in for a different .com domain? Finding an unregistered, good sounding domain is a bit difficult but not impossible. Be creative! :) And moreover, it is not always advisable to go for domains which were previously registered by someone else and used. The site might be having bad links pointing to it....

P.S 42,000 would be sufficient to but lots and lots of chocolates.... 

@AN I think that a domain can be auctioned on only one site. It is is for sale on godady marketplace, it might not be available for sale at other places... (Not sure, though)

C'mmon !! If it was already registered they would say it was available. They have marked it as a premium domain name. These things also happen. So what happened is, that I was getting a .in for just 400 and thats why got into doubt. So came here to ask about people's perception 

Well, what is the domain name you wanted to have?

Purnendu go for big rock it is cheaper and reliable too, at present i am hosting my blog readitt with blogger while I had purchased domain from bigrock. it is always suggestable to go for a dot com if you are targeting global audience, if not dot in is as good as dot com

Yup I m thinking of bigrock too :)

If your commercial website's target population is India, then go for .in domain else .com is wise.

I would recommend getting both. If your site becomes famous, someone else will get the .in and use it and you will loose traffic. 

Yes you are right. It is always good to book the other .in / .net etc 

.com Always better.. 

.in if you want to limit your blog under India and don't want privacy on Domain registrar :)

I have a .info and it seems to work for me.

.com is always the best option. Most of the blogger target the whole world to get traffic. So .com is universal and top level domain.

I am planning a commercial website and..

.com! Period!

I took all the advises and finally went with a .com. Thanks guys ! :)

congrats, now get a .in domain too, you can always sell it in backorder if you don't need it. and you can keep it with you for future too when your website gets famous and you need to protect your traffic or readership! Enjoy