Not getting correct timezone value of a DateTime field to Date

We have two models one of them is getting Datetime field value we create a formula field on second one and create lookup to the first model field.
Formula field on second model is date.

My date value is getting converted in IST format instead to the User timezone.

We also tried the custom snippet to convert the date time timezone to date but no success.

It is working fine if we use formula field as Date Time but failing for date.