Hi @gopikrishnan, welcome to the forum!
I want to understand whether i can capture any method arguments or return value and if possible then how to do the same
Not automatically. That's going to be pretty expensive to do generally, and would likely end up impacting your application's performance.
You could do this for select transactions by adding some code to record custom context on transactions. For example, see the Java agent's API docs here: Public API | APM Java Agent Reference [1.x] | Elastic