Hello @Himanshu Tiwary
Welcome to the community.
The design for Labels type fields is that the label values are shared across all projects in Jira.
If you want a multi-select field that shows only the values relevant to your project you will have to add a custom multi-select field. Note, though, that if you do that only a Jira Administrator will be able to modify what values are available for that field. That is different from Labels where any user can create a new label value.
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