Hi!! Thanks to everyone.
It just started working, let me share what i had done.
First of all i open the command prompt and by typing the command ipconfig, i noted my IP address of PC, which is assigned by my Router.
It is as follow:
Ip->192.168.0.102
Subnet->255.255.255.0
Gateway->192.168.0.1
Then i checked the IP address assigned to my Ethernet Shield, by Router, it is 192.168.0.101
I did nothing after this, i just opened my Sketch and in place of Server IP address i write 192.168.0.102, which is IP address assigned to my PC by Router.
Then upload the sketch and just opened the 5000 port in HW Hercules software, within a second i got a message 192.168.0.101 connected and now i am able to successfully send and receive data from my PC to Ethernet Shield and from Ethernet Shield to PC both are connected to router.
I also checked ping 192.168.0.101 -t from command line and i get proper response for this.
With this setup, i am able to use internet on PC, as well as receive Messages from Ethernet Shield.
But as IP has been assigned dynamically to PC, it can change at any time or in the next cycle and no one will check it again and again, and re-upload the Server IP address in Arduino every-time.
So i did one more test, i noted down the Ip assigned to PC and set that manually in Network Configuration.
By doing this, my PC has static Ip address.
Now Ethernet Shield and my PC are working properly, but internet on PC is not working.
Though its not an issue, i just want to get Ethernet Shield and PC communicating with each other, both connected to router.