Hello @Aditya Vashisth
The only limitation you would have is one set by yourself with permissions. Azure does not place any restrictions on you accessing keys in a different subscription within the same tenant.
Follow the steps here and create your key vault in Subscription A and the VM in Subscription B. https://learn.microsoft.com/en-us/azure/virtual-machines/disks-enable-customer-managed-keys-portal
If you are wanting to use Key Vault across tenants, then read the documentation here to find which scenarios best suits your requirements, https://learn.microsoft.com/en-us/azure/architecture/guide/multitenant/service/key-vault
kind regards
Alistair