The correct answer is option 1: "1 only".

Let`s dissect the statements and options:

Statement 1: "The President of India cannot return the Money Bill to the Lok Sabha for reconsideration."

This statement is true. According to Article 111 of the Indian Constitution, the President of India does not have the power to return a Money Bill for reconsideration. Once a Money Bill is passed by the Lok Sabha and transmitted to the Rajya Sabha, the President must give his assent and cannot send it back for reconsideration.

Statement 2: "During the period of National Emergency, the President of India can make ordinances even when Parliament is in session."

This statement is false. During a National Emergency, the President does have the power to issue ordinances, but only when Parliament is not in session. According to Article 123 of the Indian Constitution, the President can only issue ordinances when both houses of Parliament are not in session.

Option 1: "1 only"

This option correctly identifies that statement 1 is correct and statement 2 is incorrect.

Option 2: "2 only"

This option incorrectly suggests that statement 2 is correct and statement 1 is incorrect.

Option 3: "Both 1 and 2"

This option incorrectly suggests