Sr₂YRuO₆, a 4d transition metal, Ru ion based double perovskite crystallizes in monoclinic structure with Y and Ru octahedra ordering alternately. The relevance of lattice distortion to complex magnetic ground state is investigated from structural, vibrational, magnetic, transport and thermal properties. Raman modes due to monoclinic distortions are observed. From the temperature dependent magnetization studies, a magnetic transition is observed at 25 K and below that the presence of weak ferromagnetic contribution is noticed. A magnetic frustration parameter of six is evaluated from the magnetic results that suggest the presence of spin frustration on the Ru octahedra leading to geometric frustration in SYRO. Isothermal magnetization measurements are carried out for several temperatures from 8 K to 70 K in small temperature intervals to determine the magnetocaloric effect of Sr₂YRuO₆. The change in magnetic entropy around the Neel temperature, 25 K and Inverse magnetocaloric effect is observed in the system around this temperature. The change in isothermal magnetic entropy results indicates a canted AFM structure as the ground state. Neutron diffraction data refined using propagation vector, k = (0.5,0.5,0) reveal antiferromagnetic ordering at temperatures below 30 K down to 2 K. Variation of the lattice parameters with temperature from the neutron powder diffraction result signifies the presence of magnetoelastic coupling around 25 K. From the temperature dependent resistivity measurements, a small polaron hopping like conductivity is observed in the system. Activation energy reduces with the increase in temperature. Temperature dependent specific heat data shows no ordering, the absence of peak around magnetic transition along with magnetic contribution well above transition temperature is consistent with magnetic frustration in this system.