As mentioned I landed in USA on 29th June 2010 with my wife and 2 Yr kid, I am on L1 visa and wife and son on L2 visa, So
1. Can I claim the Earned Income Credit since I am a resident alien for Yr. 2010 ?
2. Do I need to submit form 1116 for foreign income and If yes then shall I figure out that form at myself or I have to get it filled from my employer ?

Assuming your wife and/or child will have to apply for an ITIN, the ITIN application makes you INELIGIBLE for the Earned Income Credit.

Further, if you file joint with your wife and CHOOSE to be treated as a resident for all of 2010, you MUST declare all world-wide income earned by BOTH of you from 1 January to 31 December 2011. You CAN file Form 1116 to claim the Foreign tax Credit for income taxes paid in your home couuntry for Calendar Year 2010, but that credit may NOT be a dollar-for-dollar credit.

If you need professional help filing your return, email me at [email protected].