Question

effects of rancidity in our daily life with detail

Answer 1

Rancidity results from hydrolysis or autoxidation of fats present in our food. The hydrolysis and autoxidation results into the breakdown of the fats present in our food to aldehydes and ketones(short chained) - which are unpleasant in taste and smell.
Health effects of rancidity include the degradation of vitamins present in food and the consequent diminished nutritional value of the food.