Can I use GSM and GPS modules at the same time? In my project I want to retrieve the Latitude and longitude and then transmit to a cell phone through GSM module. But the GSM as well as GPS modules uses the same pins i.e. Tx and Rx, so is it possible to use both modules at the same time?

Link to products

GSM - http://www.ebay.co.uk/itm/SIM800L-GPRS-GSM-Module-SIM-Board-Quadband-PCB-Antenna-for-MCU-Arduino-/191611848583?hash=item2c9cf4c787

GPS-- http://www.ebay.co.uk/itm/New-1PC-Ublox-NEO6MV2-GPS-Module-Aircraft-Flight-Controller-For-Arduino-/400830328802?hash=item5d53596fe2

Thank you.
Yes.  Use SoftwareSerial for one of them.  That way you can use any pins you like for that module.

I'd recommend using the GPS module on the SoftwareSerial since it's (mainly) half duplex, and SoftwareSerial can't both transmit and receive at the same time like the hardware UART can.

Either that or switch to a different Arduino board that has more than one hardware UART.