I want to upgrade my existing umbraco project with version 4.8.1 to latest version 7.5.3, but i don't know the exact way, whether to convert incremental step by step (from 4.8.1 to 4.10.X, 4.10.X to 4.11.X and so on..) or directly to version 7.5.3, Please give me the proper solution that let me upgrade my existing versioned umbraco project to latest version of umbraco.
Thanks
There is no perfect way of doing this kind of upgrade. It all depends how complex was your solution and what you've built at top of Umbraco itself. I suggest you to create a backup of everything and just give it a shot to do update straight from one to the latest version. You can use nuget for this if you're familiar with Visual Studio (it will create backups for configuration files and merge it automatically for you).
You can also watch Per Ploug's session from this year Codegarden. It has a lot of tips and tricks for all people who wants to upgrade their old sites. Video is available here: https://video.twentythree.net/migrating-mom-to-uaas. Can't remember, but it may be possible that you will need to update to v6.x something to be able to process further directly to 7.x. But create backups and play with it - it's my opinion and suggestion :)