How to upload .tif image file?
According to Display TIFF image in all web browser unless you're on Safari, you will not be able to render the .tif image on your site.

Therefore, this more like a file rather than an image. If you want to upload it, for your field type use file instead of image.

If you plan to display/render the .tif image, you will have to convert it to a known image file: .png, .jpeg, .gif, etc..



Edit:


  Do we have any drupal module that can convert .tif to other image
  extension? – Govind


According to Henk's comment in Upload tif using image API there is a way: 


  I was looking for a similar solution and found a working solution in
  Drupal 7 to upload, scale and display tiff images.
  
  Install ImageMagick module and its dependencies with ImageMagick tif
  support on the server
  
  Install Media module
  
  Use the media module as the widget type for your image type field
  because the regular image widget type does not support TIFF's, with
  that you should be able to upload tiff images in Drupal
  
  And i forgot...add the "change file format to : png" for your image
  style because only Safari is capable of displaying tiff's directly