Hi Puneet,
When you bring the footage in Premiere, it should be interpreted correctly, except in rare cases.
You can right click and choose Modify > Interpret footage. That will tell you what Premiere picked.
You can also drag the file into the new item icon (second icon from the right at the bottom of your project panel). That will create a new sequence based on your footage.
Vince Becquiot
Kaptis Studios
San Francisco - Bay Area