I have a software which has to be deployed in Windows Xp and Windows 7 32 bit versions. Is it Ok to build the software in Win XP for for both platforms?
or
Should I build in Xp for deploying in Xp and build in Win7 for deploying in Win7?
The software is developed in C++
Yes you can build on any (modern) windows version for deployment on any other.
But you probably want to test on both!