Thanks for your reply Robert.
I have downloaded the libtool version u told

I did the following
tar xvzf  libtool.tgz -C /home/himanshu/usr/local
cd /home/himanshu/usr/local/libtool

Here when I said 
aclocal
 it went fine but saying
autoconf configure.ac
wanted me to install autoconf version more than 2.50

I have tried to install both autoconf 2.53 and 2.57 

install was perfect

But again back to libtool when I say 
autoconf  configure.ac

it does a lot of things only to exit with error saying 

configure.ac:115: error: possibly undefined macro: LT_AC_PROG_GCJ
      If this token and others are legitimate, please use m4_pattern_allow.
      See the Autoconf documentation.
configure.ac:118: error: possibly undefined macro: LT_AC_PROG_RC


Just to add i have installed autoconf  in my home directory by giving a prefix
and later add the bin directory so created in my PATH
so that the system detects my new autoconf 






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