Carbon based heterostructures are extremely important in the field of material science as the junction of two carbon nanomaterials strongly influence the properties of a material. In present work, the structural, electronic and magnetic properties of covalently attached C60 cage with armchair and zigzag GNRs have been investigated using density functional theory. AGNR-nanobuds don't form stable structures, owing to their positive values of the interaction energy. However, pure and N/B doped ZGNR-nanobud form stable structures with [2+2]hhT mode, hence presenting the possibility of their formation. Average diameter for N doped ZGNR-nanobuds decreases as the C-N bond length is lower than the C-C bond length whereas average diameter for doped ZGNR increases due to the large C-B bond length. The considered complexes are magnetic in nature having a finite value of total magnetic moment. Increase in total magnetic moment is due to the induced localized magnetic moments near dopant sites, whereas decrease in the total magnetic moments is due to the reduction in magnetic moments at C-sites near connecting bond atoms. The significant variation in electronic density of states near the Fermi level leads to change in the metallic behaviour of ZGNR-nanobuds. Mulliken charge analysis shows that in N-doped nanobud, there is a transfer of charge from N to surrounding C atoms due to their electronegativity difference, and there is a gain in charge of B from surrounding C atoms. The unique electronic and magnetic properties of nanobuds can lead to the possible applications in the field of magnetic nano devices.