There is much we want in this life and no matter how hard we try to be positive and move ahead there is always society and its traditional thoughts and stubborn-ess which kills whatever wishes we wish to live..I can understand the frustration in these words.

I always feel that life is a jail
And only God will give me bail
People say just live with smiles
You can walk far and far miles

^^You can walk many miles sounds better
and add a comma at the end.

In this life, there is much sorrow
And happiness, people can't borrow

^^Here I feel rather then saying "and" happiness you
can add but happiness people can't borrow. Also
a coma after in this life is not needed I feel. So it will
read like this: In this life there is much sorrow
but happiness..people can't borrow

Property is a vital part as per men
Hence, respect, they can not gain,

^^You can try this:
Property is a vital part for man
Or respect they cannot gain,

There is nothing in this ruined life
Hence, to end me, I want knife

^^Or you can write:
There is nothing in this ruined life
for me, to end give me a knife,

But seriously life can throw all sorts of rubbish and ending your life is not going to produce any result. Instead we have to stand up and face the challenges!

Here, people do the biggest fraud

^^Don't need a coma after here

They abuse other's religion & God
Here, no one is ready to help other

^^Don't need to repeat here again instead you can write: No one is ready to help each other
And child has wish to be a father

Another good write, Mahesh. A fully packed poem.