If the President of India exercises his power as provided under Article 356 of the Constitution of India in respect of a particular state, then :

When the President exercises power under Article 356 (President's Rule), the state government is dismissed, and the state legislature is either suspended or dissolved [t3][t5]. Crucially, the legislative powers of the state are transferred to the Parliament [t1][t4]. According to Article 356(1)(b), the President may declare that the powers of the Legislature of the State shall be exercisable by or under the authority of Parliament [t5]. Option 1 is incorrect because dissolution is not automatic; the assembly can be kept in 'suspended animation' [t5]. Option 2 is incorrect as Article 19 is only suspended during a National Emergency under Article 352, as governed by Article 358 [c3][t4]. Option 4 is incorrect because Article 353 relates to the effects of a National Emergency (Article 352), not President's Rule [t2][t4]. Therefore, the Parliament assumes the power to legislate on subjects in the State List for that specific state [t4][t6].

Sources

1. [1] https://interstatecouncil.gov.in/wp-content/uploads/2015/06/CHAPTERVI.pdf
2. [2] https://www.thehindu.com/news/national/how-does-a-presidents-rule-function-explained/article69227389.ece
3. [3] Indian Polity, M. Laxmikanth(7th ed.) > Chapter 17: Emergency Provisions > Effects of National Emergency > p. 176
4. [4] https://legalaffairs.gov.in/sites/default/files/Article%20356%20of%20the%20Constitution.pdf