Hi @Prashant Mali ,
I checked the Visual Studio forums and saw that there were some reported bugs involving certain versions of Visual Studio 2019 not showing this option. I tested in my own Visual Studio 2019 Community app and noticed that I also cannot see that option. However, when I create a new ASP.NET MVC or ASP.NET Web API project, I can select "Work or School authentication" during the creation process, which seems to work.
I would recommend updating to a later version of Visual Studio or reaching out to the Visual Studio team to confirm definitively, though. I have added the Visual Studio tag to this post.
If the information helped you, please Accept the answer. This will help us as well as others in the community who might be researching similar issues.