The Vice President of India is elected by an electoral college, which consists of certain individuals who are eligible to vote for this position. The correct option, which is option 1, states that the electoral college consists of members of both houses of Parliament. This means that the voting members include members from both the Lok Sabha (House of the People) and the Rajya Sabha (Council of States).

Option 2, which states that the electoral college consists of members of the Rajya Sabha only, is incorrect. Although members of the Rajya Sabha are part of the electoral college, members from the Lok Sabha are also included.

Option 3, which mentions elected members of both houses of Parliament, is essentially the same as option 1. Both elected and nominated members of Parliament are part of the electoral college.

Option 4, which suggests that the electoral college consists of elected members of the Lok Sabha only, is also incorrect. Members of both houses of Parliament participate in the election process for the Vice President of India.

In conclusion, the correct option is 1, where the electoral college for the Vice President of India comprises members of both houses of Parliament.