After lot of research i found that Visual Studio 2012 along with Python plugin for visual studio is best IDE for developing applications on python and splunk SDK
I've been using pyCharm, but I just happened to read this blog post today: http://blogs.splunk.com/2014/02/03/how-to-debug-django-applications-with-pdb-pycharm-and-visual-stud...
It says that visual studio tends to crash when you stop debugging. I haven't had that issue in pyCharm though.
After lot of research i found that Visual Studio 2012 along with Python plugin for visual studio is best IDE for developing applications on python and splunk SDK