Inheritance is  a concept which involves the concept of re
usability Ex:Bank Accounts-->SB Account,RD Account,CD Account
       Polymorphism concept of one existing in many forms  
   Ex:In Graphical User interfaces,AWT

inheritance is hierarchy of class,that is one class derived
from another class

example:
grant father
     --father
           --son

polymorphism is the ability to take more than one form

example:
compile time polymorphism
 --method overloading
  people can act many role in the world
      home:father
      company:employee
 run time polymorphism
  --method overriding
    dog is a class
It contains smile method

Polymorphism applies to Overriding
Inheritance applies to Reusability of code defined earlier in one Class and later on used by Other Classes..

Human being life is the best example for ploymorphism bcoz
Let one take example
im a son of my parents and also brother of my sister and 
the employee of one company ...
Im playing the many role here.
Same example for inheritance also bcoz i have inherited my 
father property.

polymorphism: Polymorphism one form existing many forms is
called polymorphism.its used for over ridding.

EX:Man 
Because A Man go to office he is an Employee.
A Man go to movie he is an auditor.
A man walk with his lover she's boy friend 



inheritance is hierarchy of class,that is one class derived
from another class

EX:

grant father
     --father
           --son

abstract class Person
{
     public String sname(){}
     Address ad;
}
class Patient extends Person
{

}
class Employee extends Person
{
}
Here in the above example Person is a class acting two ways 
one Patient details info and Employee details. We are 
achieving this extends Person i.e inheritence.Inheritence 
provides code reusability,extensibility