Thankz for the guidance....
Myself found the solution.Here it is,
Label1.Text = TextBox1.Text;
string txt = Label1.Text;
Font f = new Font("Times New Roman",14,GraphicsUnit.Pixel);
Bitmap bp = new Bitmap(1, 1);
Graphics gp = Graphics.FromImage(bp);
int height = (int)gp.MeasureString(txt,f,260).Height;
Response.Write("<script>alert('Height is :-'+"+Convert.ToString(height)+");</script>");
As per the svetlin comment it won't provide more accurate height.
But it mey be helpful....