I'm thinking to jailbreak my iphone 5?

Guys is it ok to jailbreak or not, still my iphone is under warranty and currently running ios 6.1.4 and i have a doubt that iOS 6.1.4 does had a official unthered jailbreak or i must update to 7.0.4 to jailbreak it.

Well it's not illegal in the sense that you'll be fined or arrested, but when you jailbreak an Apple product your warranty will become void and useless. Also if you send it for repairs or something they won't be to happy about it.

The real question to ask is why do you want to jailbreak in the first place?