This paper presents novel approaches used to achieve compactness of printed circular antenna and circular polarization. Size reduction is achieved using three different shapes of slots unlike the conventional technique which uses similar slots. Overall dimension of the antenna is 0.52 λo x 0.52 λo x 0.029 λo mm3 and achieved by combining two circular sector slots of length 900, circular slot of radius 25 mm and a diametric slit of length 15 mm to the patch. Finally, circular slot is replaced by elliptical one to achieve circular polarization. Electrical equivalent of antenna is discussed at each design stage. The antenna is designed to cover UHF RFID application band and bandwidth obtained is 41 MHz with antenna gain of 7.3 dBi at 866 MHz. The proposed work is compared with other existing work and is observed that the proposed antenna not only is compact in size but has higher gain. All the measured results are in close agreement with the simulated results and proposed antenna is a very suitable candidate for making high gain compact array antenna.