Step 1: Write down both statements as separate claims.
Babloo makes two claims: Tanmay won the race, call it B1, and Waman finished second, call it B2.
Bunty makes two claims: Snehal won the race, call it C1, and Tanmay finished second, call it C2.
Each boy has exactly one true claim and one false claim, never both true or both false.
Step 2: Try the case where B1 is true and B2 is false.
If B1 is true, Tanmay finished first. If B2 is false, Waman did not finish second, so Waman must be third, which leaves Snehal in second place.
Check Bunty's claims against this order, Tanmay first, Snehal second, Waman third. C1 says Snehal won, but Snehal is second here, so C1 is false. C2 says Tanmay finished second, but Tanmay is first here, so C2 is also false.
Both of Bunty's claims come out false, which breaks the rule that each boy has exactly one true and one false claim, so this case cannot be correct.
Step 3: Try the other case, B1 false and B2 true.
If B1 is false, Tanmay did not win. If B2 is true, Waman finished second.
Since Waman is second, Snehal and Tanmay share first and third place. Tanmay did not win, from B1 being false, so Tanmay must be third, which leaves Snehal in first place.
The order so far is Snehal first, Waman second, Tanmay third.
Step 4: Check this order against Bunty's claims.
C1 says Snehal won, true, since Snehal is first. C2 says Tanmay finished second, false, since Tanmay is third.
That gives Bunty exactly one true and one false claim, matching the rule, and Babloo also has exactly one true, B2, and one false, B1, claim. Every condition of the problem is satisfied.
Final Answer:
The finishing order is Snehal first, Waman second, and Tanmay third.
\[ \boxed{\text{Snehal, Waman, Tanmay}} \]