The term of the incumbent President Pranab Mukherjee ends on 24/07/2017. The term of the incumbent Vice-President Hamid Ansari ends a little later, on 10/08/2017. In 2012, the elections were held less than a week before the terms ended.
The electoral college for electing the President includes all elected (not nominated) MLAs and MPs of the Lok Sabha and Rajya Sabha. It is somewhat more complicated than that of the US, as MLAs of different states have different weightages determined by a complicated formula. See this for an explanation:
For the Vice-Presidential election it is simpler, as the electorate consists of only the (elected) members of the Lok Sabha and the Rajya Sabha. They have a single vote each, without the complication of weightages:
As we have discussed earlier, assembly elections to two major states (UP and Punjab) and three smaller states (UK, Goa and Manipur) will be held in the first few months of 2017. There may be significant changes in the party composition of the assemblies of UP and Punjab. It will be interesting to see the composition of the electoral college in July, and whether the NDA government will be able to get its preferred candidate elected.
As for the Vice-Presidential election, we know that the Lok Sabha and Rajya Sabha will not change significantly so the composition of the electoral college is virtually the same now. In fact, only the one Rajya Sabha seat from Goa may change hands by the time of the Vice-Presidential election, while elections for the 9 other Rajya Sabha seats are likely to be held later in August.
No serious proposals for candidates for these positions have been mentioned in the media so far.