This sentence doesn't quite make sense because of the "hand" part. However, if you change it to "hang", the meaning is clearer. "I don't have time to hang out with you" means that the person cannot spend any time with you because they are busy. If I've misunderstood your sentence, please let me know and I will correct my explanation. Hope this helps you! :)

if it's meant to say "I have no time to hand out to you", it might be better stated as "I have no time to give you", but the meaning is the same as the previous answers, the speaker is too busy or has no time to do something with you.

do you mean hang out? I have no time to hang out with you? It means that the person talking doesn't have any time to spend with you.