Keeping this in consideration, what is difference between GPL and LGPL?
The difference between the GPL and the LGPL is that with the LGPL, the entire “work” doesn't have to have the same license. In contrast to LGPL, GPL requires that you provide the code for all changes made to the software. Among the two GPL is the basis of open source software for programmers.
Subsequently, question is, is GPLv2 compatible with GPLv3? Please note that GPLv2 is, by itself, not compatible with GPLv3. However, most software released under GPLv2 allows you to use the terms of later versions of the GPL as well. When this is the case, you can use the code under GPLv3 to make the desired combination. It is compatible with GPLv3.
Considering this, can I use GPL software for commercial purposes?
Software under the GPL may be run for all purposes, including commercial purposes and even as a tool for creating proprietary software, such as when using GPL-licensed compilers. Users or companies who distribute GPL-licensed works (e.g. software), may charge a fee for copies or give them free of charge.
Is LGPL free for commercial use?
So you can use it freely If you do not change it. (Here free means without any headache :) ) You can use and distribute LGPL libraries on your website and use them in combination with commercial code. You don't have to distribute your commercial code under the LGPL.