Hi Rezwan,
Welcome to the site!
I agree with the above, the pictures seem to show it just needs some of the surface rust removed. A few hours time and some scotch-brite pads will have it looking great.
Before you fire it up make sure that all gears, bearings, ways etc. are lubed properly.
If any hand-wheels feel "stuck" try to get some penetrating oil in and do not just force them.
Do you have any kind of manual showing the oil locations and the operation of this lathe?
Take it slow, build your confidence in the machine carefully. Gradually learn what all the controls do.
Post back here with any questions or concerns; this is a very knowledgeable group and willing to share/help.
-brino