I am using FM 2015, version 126.96.36.1997, there is definitions if given between words <bold><Emphasis> that extra space showing in the word, please help for this.
I don't understand your question.
first of all: your i the scripting forum.
Your problem is, that you are trying to use 2 CharacterFormats (<Bold> and <Emphasis>).
But you only can use 1.
AND we don't know, how you defined these CharacterFormats.
So just create a new CharacterFormat i.e. <BoldAndEmphasis> and use this one.