Thank you Zain,
I followed all the suggestions, but it wasn't resolved the issue.
Then, I followed the below steps.
1. Cleared all labels from the element properties.
2. Clicked on the Label Editor button on the respective element property.
3. Typed my label text and clicked on Find button.
4. Selected the label from the found list.
5. Clicked on Paste Label button on Label Editor.
6. Label ID got pasted like @Mylabel1.
7. Done build and navigated to the form.
8. Label text appeared instead of Label ID.
Thanks
Anil.