Hello @Ravindra Kumar Verma ,
Welcome to Microsoft QnA.
The RDP connection should be successful between 2 VMs in different subnets but within the same VNet unless there is some NSG rule blocking the RDP connection, or maybe some firewall or any network rule.
Could you please check your Network Security Group rules for VM2 and provide me a screenshot for it.
Also, could you please run the below command using PowerShell and provide me with the results.
Test-NetConnection -ComputerName <private-ip-of-VM2> -Port 3389
I'll wait to hear back from you on this. Please do tag me in your response. Thanks :)
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