@ganesh agrawal - will this date be always in the same format...and always have the same number of characters..in this case 8 chars..if so..then put your 20140702 in cell A1, and in Cell B1 put formula - DATE(LEFT(A1,4),MID(A1,5,2),RIGHT(A1,2))..
Experts please advise..if there is any other efficient way of doing so...