Wordpress - Displaying the category name of a custom post type

So this is what I needed:

<?php
$terms = get_the_terms( $post->ID , 'board' );
foreach ( $terms as $term ) {
echo $term->name;
}
?>

use terms like this :

$terms = get_the_terms($post->ID, 'Enter_your_taxonomy_here' );
if ($terms && ! is_wp_error($terms)) :
    $tslugs_arr = array();
    foreach ($terms as $term) {
        $tslugs_arr[] = $term->slug;
    }
    $terms_slug_str = join( " ", $tslugs_arr);
endif;
echo $terms_slug_str;

In case if someone looking for this in 2019. With this you are getting CUSTOM POST TYPE name with URL

 <?php
    $terms = wp_get_post_terms( $post->ID, 'PLACE-HERE-YOUR-TAXONOMY');
    foreach ( $terms as $term ) {
       $term_link = get_term_link( $term );
       echo '<a href="' . $term_link . '">' . $term->name . '</a>' . ' ';
       }
  ?>