I am working on an idea where we we need a editable text field in GIF or any other image format where we should be able to change the content from background even after the Gif is generated and shared. is there any way to do it?
No, GIF is a simple image file format which also allows for simplistic animation by changing the image. It doesn't have support for anything more complex. Editable fields are well handled with HTML and forms so images don't need to do that and you're unlikely to find such "images" as they're not images any more.