I have a line passing through points $P_1(x_1,y_1)$ and $P_2(x_2,y_2)$. Can I find next point on the same line thats $1$ unit away from Point $P_1(x_1,y_1)$? If yes, how can I find?

I just draw line at these points in reality it can be anywhere.
Given the following \begin{gather*} A(x_1,y_2)\\ B(x_2,y_2)\\ d = \text{distance from }A \text{ to }C, \end{gather*} I need to find $C(x,y)$.
The line is given by $P(t)=P_1+tv$, where $v$ is parallel to $P_2-P_1$. Taking $v$ to be of norm 1 allows you to take $P(1)$ as the point you seek. In other words, the point you seek is $$ P_1+ \frac{P_2-P_1}{\|P_2-P_1\|}$$ More generally, the point at distance $d$ from $P_1$ is $$ P_1+ d\frac{P_2-P_1}{\|P_2-P_1\|}$$
Explicitly, $$ x= x_1 + \frac{d}{n}(x_2-x_1), \quad y= y_1 + \frac{d}{n}(y_2-y_1)$$ where $n = \sqrt{(x_2-x_1)^2+(y_2-y_1)^2}$.