Option 1 is not correct regarding the Office of the Vice President of India. The Vice President is not elected by an electoral college consisting of the elected members of both the Houses of the Parliament. The Vice President is actually elected by an electoral college consisting of the members of both the Houses of Parliament, which includes both elected members as well as nominated members.

Option 2 is correct. The Vice President is elected in accordance with the system of proportional representation by means of a single transferable vote. This means that the voters rank the candidates in order of preference and their preferences are transferred until a candidate receives the required majority.

Option 3 is also correct. The Vice President shall not be a member of either House of Parliament or of a House of the Legislature of any State. This is to ensure that the Vice President remains neutral and unbiased in his/her role.

Option 4 is correct. The Vice President of India shall be ex officio Chairman of the Council of States (Rajya Sabha) and shall not hold any office of profit. This means that the Vice President automatically becomes the Chairman of the Rajya Sabha and cannot hold any other position that involves monetary benefits.

In conclusion, option 1 is the correct answer as it does not accurately describe the process of