How can i get the text object so that i can use it in formula editor?
Text objects cannot be read or changed using the Formula Editor within Crystal Reports. If you want dynamic content that I would suggest using a Formula instead of a Text Object.
Rather bizarrely, you are able change a Text Object value at runtime using .NET
e.g.
rptObject.ReportDefinition.ReportObjects("Text1").Text = "Some dynamic content"