I would like to start a novel, but it would include Fantasy species such as Dwarves and Elves, etc. I got this idea after reading several of Tolkien's novels. If I write this novel it would have completely different characters, plot, and settings. But the basic concept of the 'time period' and the way they live (Swords, daggers, bow and arrows for weapons, no modern technology included, etc.) would remain the same. Is this considered a copyright infringement? Would it be acceptable if Tolkien was credited for it? Is there even a possibility of publishing a novel that gives credit for ideas to another author? Actually laws and facts to back up answers would be great. All help is appreciated.
Elves and dwarves are all over fantasy fiction. Here's one compilation found by Googling "fantasy novels with elves". They are generic mythological creatures. If anything these tropes are overused; Tolkien used them well so his works are the benchmarks against which others are often measured, but he didn't invent them.
The question in your title is a little different. If another author actually did invent a species, you would be well-advised to avoid copying it directly. The Tolkien estate successfully kept the Dungeons and Dragons game from using hobbits; that's why the short-human race there is called "halflings". If you want to use hobbits, kzin, Minbari, or any other clear inventions of specific authors, you should either seek permission (probably hard) or genericize them. Even if you think you could ultimately win a copyright-infringement suit, you're still risking having to spend the time and money defending against it. Is it really worth it? Especially when there's a publisher or studio backing the other party, not just an author acting on his own?
You could first ask the Author so that he doesn't has any problem or if a book is an old one from Shakespeare or something you use it. Before taking that character as any comparison check the popularity of the book you are taking the character from or if you want to simply copy the ideas you have do as I said in the beginning