Explanation:

On the question whether a member is subject to any of the above disqualifications, the president’s decision is final.
The question of disqualification under the Tenth Schedule is decided by the Chairman in the case of Rajya Sabha and Speaker in the case of Lok Sabha (and not by the president of India). In 1992, the Supreme Court ruled that the decision of the Chairman/Speaker in this regard is subject to judicial review.
Hence, 3rd option is incorrect.