Which of the following is NOT correct regarding the election of Vice-President?

He/she is qualified for election as a member of the House of People.

The correct answer is Option 1 - He/she is qualified for election as a member of the House of People.

Here's why:

The Vice President cannot be a member of either house of Parliament (Lok Sabha or Rajya Sabha) or a state legislature after being elected. If someone holding one of these positions is elected Vice President, they are considered to have resigned from their previous position upon assuming the office of Vice President.

The other statements are all true:
A candidate must be a citizen of India.
The candidate must be at least 35 years old.
They must be qualified for election as a member of the Rajya Sabha (upper house of Parliament).