Explanation:

- Understanding the Election Process for Vice President:

- The Vice President of India is elected not by the general public, but by an electoral college.

- This electoral college consists of members from both houses of Parliament.

- Option Analysis:

- Option 1 - All the Members of Lok Sabha and Rajya Sabha: Correct, as the electoral college includes all elected and nominated members from both Lok Sabha and Rajya Sabha.

- Option 2 - All the Members of Parliament and Members of Legislative Assemblies: Incorrect, as MLAs do not participate in this election.

- Option 3 - Elected MPs and MLAs: Incorrect, only MPs participate, not MLAs.

- Option 4 - All of the MPs, MLAs and MLCs: Incorrect, only MPs are involved.

- The correct answer is All the Members of Lok Sabha and Rajya Sabha from Option 1.