I have a Phenom ii x4 965, 21gb ram, gtx460 1gb and I still can't max the game due to my graphics card. With integrated graphics you may get the game to run, but it'll be a slideshow and be worthless. Your CPU is okay for the game at lower settings, you'd just need another 2gb of ram and a decent graphics card.
No, Nitin, you won't be able to play the game. A Pentium dual core with a decent GPU could play the game, at lowest but with horrible frame rates, but you have an integrated graphics card, and I don't think that will do at all !
You need a quad core and a high end GPU like the above member, GTX 460 to max it out.
GTA IV has a really bad port and even high end PCs can't max it out completely without having tiny lags.