Will the study be used as a study/office? The island looks like it has seating so maybe you don't need a table in the dining area.

Thanks for reply. study will be a guest bedroom/office. I would like to have a small dining table for occasional gathering and homeschooling/crafts work.
the issue i have is i dont want a open hall like room, how can I separate zones in this layout.

If you can use the dining area for dining and the office, or add your desk to the living room, you could set up the study as a playroom with a Murphy bed or pull out sofa for occasional guests. You don't have a good lay out to have toys in the dining or living areas, and it doesn't appear you have room for builtins unless your windows are very high.

The windows beside the fireplace in living room are high. I guess I can make built ins there?
I like the Murphy bed idea. Also can you suggest how can I separate out living room and dining room and not make the space feel crowded.

I would try to place the tv to the right of the fireplace, with builtin storage on the left. Float a sofa facing the fireplace and tv, with room to walk behind it. Add two chairs in front of the large window, facing in. You may have room for one more chair or bench on the other end of the sofa. Add a table to the dining area, either rectangular or round. How many in your family?

Contemporary Coastal New Home · More Info

Flat Panel on Articulating Mount · More Info

Luxurious Masculine- Great Room & Library · More Info

Great Neighborhood Homes · More Info

Do builtins around the Murphy bed in the office/playroom so you have a place to store linens, toys, office supplies, etc.

Office with murphy bed · More Info

@calidesign thanks for the ideas. Study room idea is helpful. I like the sofa and chair placement ideas too. do you think putting tv on top of fireplace would not look good (though I myself don't like that). I was thinking of making one side of fireplace into a library cum shelves to display personal items and other side keep for kids stuff..
we are a family of 4, both kids under 4 years.

If you have room to keep the tv to the side, I think that's almost always better than over the fireplace. You could do closed cabinets on the bottom of each side for the kids stuff, with the tv above one side and shelves above the other, but it depends on your windows. With young kids you can never have too much storage!