The question is asking about who has the right to vote in the elections for both the Lok Sabha and the Rajya Sabha in India. The Lok Sabha is the lower house of Parliament and the Rajya Sabha is the upper house.

Option 1 and 2 state that elected members of the lower and upper houses of the Parliament respectively have the right to vote. This isn`t correct. Members of these houses are themselves elected by the people or by members of the state legislative assemblies, so they don`t vote in the elections of Lok Sabha or Rajya Sabha.

Option 3 says that elected members of the upper house of state legislature have the right. This isn`t correct either. The upper house of a state legislature (where it exists), known as the Legislative Council, does not have the power to elect members to the Lok Sabha or Rajya Sabha.

Option 4, the correct answer, states that elected members of the lower house of the state legislature have the right to vote. This is true. Members of the lower house of a state legislature, known as the Legislative Assembly, are directly involved in the electoral process for the Rajya Sabha. Their votes count in the elections, giving them the right to vote in both Lok Sabha and Rajya Sabha elections.