Just want to share this with people as they may find it useful, after some additional research and trial and error I managed to solve my query.

Feel free to use the code.

 using UnityEngine;
 using System.Collections;
 
 public class WebcamTest : MonoBehaviour {
   public string deviceName;
   WebCamTexture wct;
   
   // Use this for initialization
   void Start () {
     WebCamDevice[] devices = WebCamTexture.devices;
     deviceName = devices[0].name;
     wct = new WebCamTexture(deviceName, 400, 300, 12);
     renderer.material.mainTexture = wct;
     wct.Play();
   }
   
   // For photo varibles
   
   public Texture2D heightmap;
   public Vector3 size = new Vector3(100, 10, 100);
   
   
   void OnGUI() {      
     if (GUI.Button(new Rect(10, 70, 50, 30), "Click"))
       TakeSnapshot();
     
   }
   
   // For saving to the _savepath
   private string _SavePath = "C:/WebcamSnaps/"; //Change the path here!
   int _CaptureCounter = 0;
 
   void TakeSnapshot()
     {
       Texture2D snap = new Texture2D(wct.width, wct.height);
       snap.SetPixels(wct.GetPixels());
       snap.Apply();
 
       System.IO.File.WriteAllBytes(_SavePath + _CaptureCounter.ToString() + ".png", snap.EncodeToPNG());
       ++_CaptureCounter;
   }
 }