LoL, yes that is the reason I asked.
So if I want to have a best control over the colors in my render, its best way is to save the file in HDR or LDR ? I dont know LDR.
I usually save files in 16 bit TIF.
Thank You
16bit would be LDR, 32bits HDR.
It depends. If you need to tone down highlights or brighten up dark areas, introduce extreme contrast, or if you want to use plugins that produce bloom, glare etc then 32bits is the correct depth. Keep in mind that PS is not a good choice to work with 32bit images. For anything else, 16 bits will be enough.
Generally, 8 and 16 bits are clamped, colors go from 0 - 255, and 16 bits has many more steps in between and will produce less banding in postproduction (65536 values per channel instead of 255). With both, if you want to reduce highlights it'll not work correctly and instead darken the highlights turning them grey.
32 bits have color information well beyond the 0 - 255 space (that space is called 0 - 1 then), so if a highlight is white there's still information that within that highlight there are areas brighter than white. If you tone them down, they'll recover the tones that were previously brighter than 1 and clamped before. Since you're always looking at a LDR representation of a HDR image colors brighter than 1 will not be visible to a LDR display and therefore clamp, but the information is still there.
Best is to make a simple scene, set the lights or VFBs exposure to high values so the image is white. Now save from VFB as TIF with 8/16 bits and again as EXR/HDR and open both in PS. Add an Exposure adjustment layer to both images and tone down exposure. See how in the 8/16 bits image the white color just turns grey (color were clamped at 255, no information beyond this point), while in the 32 bits image you can tone down the exposure like in Corona's VFB which will 'reveal' the image since all the information is there even if it showed you a white image.
The Blender video suggests that there's no information beyond 0-255 space out of the box and 'solves' it by applying tone mapping, which
maps the existing colors to the 0-255 space in a more natural way. It's not really about LDR or HDR since Blender internally uses HDR, too. Otherwise that plugin wouldn't have any information to process.