Is there any trick so i can give html formatted text to e.g. UILabel or UITextField and iphone will format the text accordingly?
For example if there is a bold tag, the text will be bolded.
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Short answer, no.
To display HTML you need to use a UIWebView. If you want a rich text editor then you need to look at 3rd party Such as three20. Or on iOS > 4 you can use contentEditable in a UIWebView