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There's technically no age limit. However the older you get the more difficult it is to qualify since you start losing substantial age points.
 
Indeed. See the detailed breakdown of CRS points here:
http://www.cic.gc.ca/english/express-entry/grid-crs.asp

Right under "Points breakdown, section by section" is the chart that shows you how many points you get at each age. Notice how you lose 5 or 6 points per year starting from age 30, then 11 points per year after 40, until you get 0 points for age (down from the maximum of 110 in your 20s) at 45. I am struggling with this myself being over 40 with only 410 points, so I am trying to get OINP.
 
Indeed. See the detailed breakdown of CRS points here:
http://www.cic.gc.ca/english/express-entry/grid-crs.asp

Right under "Points breakdown, section by section" is the chart that shows you how many points you get at each age. Notice how you lose 5 or 6 points per year starting from age 30, then 11 points per year after 40, until you get 0 points for age (down from the maximum of 110 in your 20s) at 45. I am struggling with this myself being over 40 with only 410 points, so I am trying to get OINP.

Thanks for nice and detailed information. I followed your viewpoint that with increasing age after 30 we lose points.
But my question is that:
Is there any age limit when One can not (is not allowed/becomes ineligible) to apply for immigration under Federal Skilled Worker Programme?
 
There is no age limit. It's just that it gets harder and harder to get the minimum 400 CRS points required as you get older and lose more points due to age.
 
Thanks for nice and detailed information. I followed your viewpoint that with increasing age after 30 we lose points.
But my question is that:
Is there any age limit when One can not (is not allowed/becomes ineligible) to apply for immigration under Federal Skilled Worker Programme?

Already answered above. No age limit.