I am trying to show dynamic list of strings in GridView. Every word will be clickable and can be selected or deselected. I am attaching a screenshot of Flipboard as I want exactly the same functionality.
Please help me to find out the same functionality to be implemeted in my app.

The simplest way and without any external libraries you can use native components Gridview or recyclerview with GridLayoutManager
Follow this steps :
1 - Design your row item it's means the click-able labels in separated xml file.
2 - Create your adapter class to inflate view, show the data and handle clicks.
3- attach adapter to gridview or recyclerview.
And her is example for RecyclerView with GridLayoutManager and other one for Gridview