Gradient vs Gradient Ascent? We say Gradient is always increasing and gradient ascent maximizes the values, then can i say that gradient and gradient ascent terms can be used interchangeably 

Your comment seems to be correct. Let $f:\mathbb{R}^n\rightarrow\mathbb{R}$ be a function.
The gradient of $f$ is given by:
$$ \nabla f = (\partial_{x_1}f,\ldots,\partial_{x_n}f)$$
which is a vector field (i.e. vector function) $\nabla f:\mathbb{R}^n\rightarrow\mathbb{R}^n$. So, at every point $\vec{x}$, the gradient at that point $\nabla f(\;\!\vec{x}\;\!)$ is a vector that points in the direction of greatest increase of $f$.
So, given a function $f$, the gradient gives a special set of vectors (one for each point in space), that everywhere points in the direction one should move if one wanted to increase $f$.
Notice that the gradient is just the regular derivative when $n=1$.
More correctly, I would say that the gradient is an operator, whose input is a function and whose output is a vector field, with this special property.
On the other hand, gradient ascent is an algorithm for maximizing functions. Suppose we have a set $D\subseteq \mathbb{R}^n$, and we want $y\in D$ such that $f$ is maximal. So, given some function $f$, we want to find: $$ y=
\arg\max_{x\in D} f(x) $$
How can we do so? We use the special property of the gradient from before. If we want to maximize $f$, the smartest thing (ignoring local maxima) to do is follow the direction of greatest increase of $f$ - which happens to be the direction specifed by the gradient. See this picture, for example.
Summary: the gradient is a vector field associated to every function, while gradient ascent is an optimization algorithm that can find locations of extremas of a given function, which uses the special properties of the gradient field to work. 
