Option 1 is incorrect because both the Rajya Sabha and Lok Sabha can have nominated members. The Rajya Sabha has 12 nominated members, while the Lok Sabha can have up to 2 nominated members, specifically from the Anglo-Indian community, if the President feels the community is not adequately represented.
Option 2 is also incorrect. The Constitutional provision is for nominating two members belonging to the Anglo-Indian community to the Lok Sabha, not the Rajya Sabha.
Option 3 is correct and is the answer. A nominated member of either Rajya Sabha or Lok Sabha has the same rights and privileges as an elected member, including the right to be appointed as a Union minister.
Option 4 is incorrect. A nominated member cannot vote in the election of the President as per Article 55 of the Indian Constitution. However, they can vote in the election of the Vice President.