Step 1: Understanding the Award.
The Padma Bhushan is India's third-highest civilian award, given for distinguished service of high order in any field.
Step 2: Identifying the First Female Awardee.
Rukmini Devi Arundale, a renowned Bharatanatyam dancer and educator, was the first woman to be awarded the Padma Bhushan in 1956.
Step 3: Verifying the Options.
Option (1): Indira Gandhi was awarded the Padma Bhushan but later received other prestigious awards.
Option (2): Rukmini Devi Arundale was the first woman to receive the Padma Bhushan.
Option (3): Sarojini Naidu was a prominent figure but not the first woman to receive this award.
Option (4): Mother Teresa was awarded the Padma Bhushan later, not first.