Let the present age of Ishan be \( x \). According to the problem, the present age of Subash will be \( \frac{5}{2} x \), since Ishan's age is \( \frac{2}{5} \)th of Subash's age.
Step 1: Age after 2 years.
After 2 years, Ishan's age will be \( x + 2 \), and Subash's age will be \( \frac{5}{2}x + 2 \). According to the problem, after 2 years, Subash's age will be 2 times Ishan's age:
\[
\frac{5}{2}x + 2 = 2(x + 2)
\]
Solve for \( x \):
\[
\frac{5}{2}x + 2 = 2x + 4
\]
\[
\frac{5}{2}x - 2x = 4 - 2
\]
\[
\frac{1}{2}x = 2
\]
\[
x = 4
\]
Step 2: Verify using the condition 2 years ago.
Two years ago, the age of Ishan was \( x - 2 = 4 - 2 = 2 \), and the age of Subash was \( \frac{5}{2}x - 2 = \frac{5}{2} \times 4 - 2 = 10 - 2 = 8 \). According to the problem, two years ago, Subash's age was 4 times Ishan's age, and indeed \( 8 = 4 \times 2 \).
Thus, the present age of Ishan is 4 years.
Final Answer:
\[
\boxed{4}
\]