1) If I’m already using Modernizer then even will I need HTML5 Shiv to
enable HTML5 tag supports for IE.
You don’t need to separately include html5shiv, because Modernizr includes it:
As of Modernizr 1.5, this script is identical to what is used in the
popular html5shim/html5shiv library.
http://www.modernizr.com/docs/#html5inie
2) and is HTML5 Shiv only for IE or for all browser who don’t have
native HTML 5 support. like older version of Firefox, Safari, Chrome
etc.
It’s only for Internet Explorer.
Older versions of other browsers don’t need it: http://caniuse.com/html5semantic
And the recommended snippet to include it is:
<!--[if lt IE 9]>
<script src="https://html5shim.googlecode.com/svn/trunk/html5.js"></script>
<![endif]-->
Which will only ever run for IE less than 9.