Option 1: According to the Constitution of India, the executive powers of the Union are indeed vested in the President of India. This means that the President is the head of the executive branch of the central government and is responsible for the exercise of executive powers.

Option 2: Parliament in India has the authority to confer functions on authorities other than the President of India. This means that Parliament can delegate certain powers and functions to other authorities as deemed necessary.

Option 3: This statement is incorrect according to the Constitution of India. The President of India is elected by an electoral college that consists of all Members of Parliament (both Lok Sabha and Rajya Sabha) and Members of State Legislative Assemblies.

Option 4: This statement is correct according to the Constitution of India. A person who has held the office of the President can be eligible for re-election for a second term. However, there is a limit of a maximum of two consecutive terms that an individual can serve as President.

In conclusion, the correct answer is option 3 as it is not in line with the Constitution of India.