The President of India shall be elected by the members of an electoral college consisting of:

I. The elected members of both Houses of Parliament.

II. The elected members of the Legislative Assemblies of the States.

Both I and II

The correct answer is Option 1 - Both I and II
The President of India is elected by the members of an electoral college consisting of:

I. The elected members of both Houses of Parliament (Lok Sabha and Rajya Sabha).
II. The elected members of the Legislative Assemblies of the States.

So the answer is: Both I and II.
India does not directly elect its president. Instead, an electoral college made up of national and state legislators casts the votes.