Is it possible to calculate distance between BLE-BLE or Beacon-BLE device using Time(T) taken on packet received on receiver device with measured power or RSSI value?
Is there any formula for that?
You can get a formula for estimating distance from time of flight measurements from this paper.
However, commercially available Bluetooth chipsets do not provide accurate timers capable of measuring time of flight. Further, smartphones do not provide access to such time of flight data. As a result, such a formula is if little practical value for most use cases.