How Microsoft SDKs and Windows Kits paths are created in my PC?
Both those are optional Visual Studio components, of selected while installing or configuring Visual Studio, will result in both/either of those components being installed. If they exist on your system you installed them.
What is meant by Microsoft SDKs and Windows Kits.
Does installing Visual Studio 2017 will generate these paths and Ole32.lib?
Ole32.dll is installed by installing the Windows SDK not Visual Studio. You can install the Windows SDK, by selecting that components, when you install Visual Studio.
One is the Windows 8.0 SDK the other is the Windows 10 SDK. They are both required for software development.
What are these different versions(8.0/8.1/10) in Windows Kits.
There are only one version for Windows 8, one version for Windows 8.1, but a specific version for each version of windows 10.