Hi,
From the new source of mine i came to know that lava has launched a new smartphone in it's premium series of IRIS as Lava IRIS 501 and i want to know that whether lava Iris 501 support phone calling feature or not. Please give the answer to my query sooooonnn...

What do you mean by that ?
Its a phone and even without looking into its specification I can assure you that it does support phone and voice call.