The present invention discloses a process for synthesis of chiral 2,4-disubstituted- tetrahydropyran-4-ol and its derivatives having a general formal (I) comprising of asymmetric reaction of an aliphatic aldehyde and a homoallylic alcohol in the presence of a chiral organocatalyst, and a fragrance and cosmetic composition containing chirally enriched molecules of the said general formula (I) prepared by the aforesaid process.