Latency measurement by using cc1101

For RX and TX latency in serial operation mode please refer to the data sheet (this should be the first document to check - always).

RX latency: time from start of reception until data is available on the receiver data output pin is 9 bits
TX latency: time from sampling the data on the transmitter data input pin until it is observed on the RF output ports is 8 bits

I am still not clear , let suppose if i start timer at transmitter side when data transmit and led glows at receiver end then how transmitter know that required data received at RX side?

What actually i want to know that is there any method develop for latency measurements and documented on TI website?

Could you please elaborate why you need to know the latency?

You wrote: "then how transmitter know that required data received at RX side?": If the transmitter needs to know that the packet has been received the receiver has to send some type of ack to the transmitter.

If you need to send 5 bytes in 1 ms the limiting factor is the datarate. With 40 kbps you will be able to send exactly 5 bytes of data within 1 ms.