Giant Panda Vs Naruto (tailed Beast Form) Chibi 3 & Exaggeration
 

Can panda take the damage from naruto (tbf) effect and exaggeration, and still be on the field because if he can i dont see how thats fair at all....

Please use card numbers.

naruto uzumaki n1184 and exaggeration m 897

Both and have replacements effects that affect the same event, a Ninja receiving damage. Since multiple replacement effects cannot affect the same thing and both effects are affecting the same thing, the controller of the affected chooses which effect to apply. If the controller chose to apply the effect of m897, then the target would die. If the controller chose to apply the effect of n1144, then the target would not receive any damage.

so if i activate n1184 to target n1144 while m897 is active, will n1144 still be alive after the damage is done?

If you choose to apply n1144's replacement effect, then yes he will live. If you choose to apply m897's replacement effect, then no he will not.