Yes u can, in VS 2k5 there is no tooltip for label but we can set by following code:
Public Class yourLabel
Inherits Windows.Forms.L abel
Dim lblTooltipText As String ' this is to set tooltip text
Dim lbltooltip As New ToolTip 'this is our tool tip
'this property sets the tool tip text
Property setTooltip() As String
Get
Return lblTooltipText...
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