If I have understood correctly, nirmalkumar would like to print to a printer on the remote machine via a dial up.
Considering this is the case, you would need to install the Microsoft client for print and file sharing on the remote machine that the printer is attached to.
Second step would be to share the actual printer by right clicking on the printer icon on the remote machine and selecting "Share printer" from the context menu.
Once this is complete, you should be able to browse the network neighborhood and see the remote workstation. If you doubleclick on the workstation you will be presented with the printer that you previously shared.
Now from memory, you should be able to right click on the printer and select "install", but if this option is not available, simply go through the normal procedure to add a printer to your local workstation, but give it the path to the remote printer.
Yep enabling sharing can be dangerous (tfs has got me started especially if the computer with sharing enabled is connected to the internet. You might want to set strong passwords on the sharing.
On another side note, did you know that you get standalone network printers ? They have their own ethernet cards and can take IP addresses from DHCP. They're also very insecure because they normally run a webserver with an administration module as well as an ftp server.. in fact when you print something, it sends the file to the printer via ftp and then it prints. Its actually quite easy to use the ftp server to store files !.. or even bounce a portscan off it..
Imagine you look through your logs and find you've been portscanned by a printer.. thats likely to make your day very interesting.
Anyway, just wanted to bring to your attention that you can have a printer as a separate network device without any file sharing requirements.
Out of curiosity, you said you dial up and print on this printer.. I assume if you dial up, you must be quite far away.. so how do you get the printed documents ?!? Or is this like a one way fax machine