If you mean $h$ and $d$ to be particular (but unspecified) numbers, then it doesn't make sense to talk about limits at all.
I will henceforth assume you meant for $h$ and $d$ to be real-valued variables (that satisfy $hd=1$)
Your third step is wrong. Something correct would be something like (in no particular order)
$$ \lim_{h \to \infty} h = \lim_{d \to 0} \frac{1}{d} = \lim_{d \to 0} h = \lim_{h \to \infty} \frac{1}{d} $$
where I assume you're working in the projective number line. What we then conclude can be phrased as
- $h \to \infty$ as $d \to 0$
which can be read as "$h$ approaches $\infty$ as $d$ approahces $0$".
If you mean the extended number line (which is more common for calculus, or at least ideas based on it), you'd have
$$ \lim_{h \to +\infty} h = \lim_{d \to 0^+} \frac{1}{d} = \lim_{h \to +\infty} \frac{1}{d} = \lim_{d \to 0^+} h$$
$$ \lim_{h \to -\infty} h = \lim_{d \to 0^-} \frac{1}{d} = \lim_{h \to -\infty} \frac{1}{d} = \lim_{d \to 0^-} h$$
and a sample conclusion would be
- $h \to +\infty$ as $d \to 0^+$
or
- $h \to +\infty$ as $d \to 0$ from the right.
(note that $\lim_{d \to 0} 1/d$ does not exist)
Your mistake might be easier to see in the following flawed argument
- $x = x$
- $x = \lim_{x \to 0} x$
- Therefore, $x = 0$