Thank you linuxxer,
Link you provided helped me to create udev rule for creating symlinks,
here is full solution to my question
det_t devno = MKDEV(major,minor);
static struct class *dev_class;
dev_class = class_create(THIS_MODULE,"myfolder")
above code is enough to create mydevice under /dev/myfolder. (myfolder is dynamically created)
But if symbolic link is required to be create for /dev/myfolder/mydevice then below udev rule is required to be put in one of the rules file under /etc/udev/rules.d/
[I had put this rule under local.rules]
SUBSYSTEM=="myfolder", KERNEL=="myfolder/mydevice", SYMLINK+="myfolder/yourdevice"
Above udev rule will create symbolic link "yourdevice" to /dev/myfolder/mydevice in the same directory.
I extended rule for multiple devices with same major but different minor using udev rules from same link.