For say i have a Site called example.com on which iframe is embedded of domain iframe.net, now i want to read the content of iframe and pass some parameter to display a text
If you don't have control over the framed site, you cannot circumvent the cross-domain policy.
If you have control over both sites, you can use the postMessage method to transfer data across different domains. A very basic example:
// framed.htm:
window.onmessage = function(event) {
event.source.postMessage(document.body.innerHTML, event.origin);
};
// Main page:
window.onmessage = function(event) {
alert(event.data);
};
// Trigger:
//
document.getElementById('myframe').contentWindow.postMessage('','*');