I developed iPhone app using base SDKs as 6.0 and deployment target as 6.0
Now i want to change my deployment target to 5.0 in
You don't need to change the base SDK to change the deployment target. Just change it to 5.0 under your target options:

Note that autolayout and some other features are available only on SDK 6.0.
Edit for XCode 7+
The tab is now called General, and the Deployment target is under Deployment info:
You might also notice that you can't see older deployment targets from Adis way. So to fix that go to build settings>deployment and then locate iOS deployment target and change it there.
