Hi,
I wish to know is it possible to trace address of a person using Net IP of an already deactivated Yahoo and hotmail account?

You can't trace anyone directly, the best you can do is trace IP addresses to the ISP or IP issuer. Without a warrant you won't be able to find the individual.

As far as finding the "address of a person using Net IP..." I'm not sure what you're exactly asking.

Are you trying to find a person based on their Yahoo and/or Hotmail e-mail addresses?

Nope.
The ONLY IP information you would get from a Hotmail or Yahoo account would be the addresses of the MAIL server.

As noted, you can not sue the Yahoo or hotmail to track them down. If you have such info as their old account, the police may be able to, but even then it will depend on how and where they logged in from