The HTTP file and its contents are already downloaded and are present in memory. I just have to pass on the content to a decoder in gstreamer and play the content. However, I am not able to find the connecting link between the two.
After reading the documentation, I understood that gstreamer uses httpsoupsrc for downloading and parsing of http files. But, in my case, I have my own parser as well as file downloader to do the same.  It takes the url and returns the data in parts to be used by the decoder.  I am not sure howto bypass httpsoupsrc and use my parser instead also how to link it to the decoder.
Please let me know if anyone knows how things can be done.
You can use appsrc. You can pass chunks of your data to app source as needed.
How to hook custom file parser to Gstreamer Decoder?