Hi Sachin,

I would suggest reading the serial communication
tutorial on this website. It gives you a step
by step description of the process.

http://www.8052.com/tutser.phtml

It will be much easier if you are using the
same micro-controller part with same crystals
at both the ends. Your setup parameters for
both will remain the same ! Just don't forget
to swap the RX & TX lines.

regards
Ashish