The Spanish side have been ordered to pay 30,000 euros (£24,800) by European football's governing body.
Real have also been given a suspended partial stadium closure and must shut off at least 500 adjacent seats during their next European match at the Bernabeu.
However, the partial closure has been suspended for two years.
The chanting occurred in Real Madrid's 3-1 win over Guardiola's City in the second leg of their Champions League play-off at the Bernabeu earlier this month.
The victory meant Carlo Ancelotti's side qualified for the last 16 with a 6-3 win on aggregate and will next face Atletico Madrid.
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