Hi Vikas,
the choice is up to you. You may want to still use IPP 5.3 based application and in this case you need to put required IPP DLLs with your application. Another option is to link application with IPP static libraries.
In case when you have full source code of application you may rebuild it with newest version of IPP. By the way, the latest available version is IPP 6.1 update 3.
Regards,
Vladimir