I want to display timeitemtext to the right side of the time item how it is possible..........?

Answer

You simply set  TimeItemTextLayout.OutsideText=true, then the text will be rendered outside of the time item. Use the VertAlign and HorzAlign to control in what quadrant the time item will be drawn (far, far gives lower right corner).

So in your case: right side.  Set HorzAlign=StringAlignment.Far and VertAlign=StringAlignment.Center