Step 1: Understanding the Concept:
The election of the Vice President of India is conducted under Article 66 of the Constitution. The composition of its electoral college differs significantly from that of the President.
Step 2: Detailed Explanation:
1. Analysis of Statement II: The electoral college for the Vice President consists of all members of both Houses of Parliament (Lok Sabha and Rajya Sabha). This includes both elected and nominated members. Thus, Statement II is correct.
2. Analysis of Statement I: Unlike the Presidential election (where elected members of State Legislative Assemblies take part), State Legislatures have no role in the Vice-Presidential election. Thus, Statement I is also correct.
Step 3: Final Answer:
Both statements are correct. Therefore, option (1) is the correct answer.