Hi @Harshavardhan ,
As you are using SharePoint 2010, then this is not possible to create sub item under parent item directly (While SharePoint 2013 provider built in Task List which support to create sub task item under parent task item).
It's necessary to create another child list and have a lookup column to Parent List ID column as this blog :
How to Make Parent-Child Lists and Forms in SharePoint 2010
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