The correct option is indeed "1 only." The value of the vote of each MLA (Member of the Legislative Assembly) in the election of the President of India is determined based on the population of the state, meaning it varies from state to state, which reflects the principle of equitable representation. On the other hand, the value of votes for MPs (Members of Parliament) is standardized; thus, the value of the vote for Lok Sabha MPs is not inherently more than that for Rajya Sabha MPs. Both categories of MPs have an equal vote value when electing the President, emphasizing the need for balance in representation among different legislative bodies.