Can i rent out my leased property to other

No, legally you can not rent out leased property to anyone if you rent out or lease out property it will amount sub leting which is ground of eviction of property and lessor/land lord can evict you and sub tentang on this alone ground.

Thanks sir for your quick reply. What if the original house owner is okay with renting out to 3rd party. I am asking this question because most of the PGs/hostels run in cities like Bangalore are leased properties. 

If lessor/landlord give you his consent in writing for rent out/lease out property then you can rent out else legally not.

Thank you sir. 

You can sub lease  it with the permission of owner or landlord. If not it will be against  of law.