The Constitution prescribes no time limit — option 3.

What Article 200 says. When a bill passed by a State Legislature is presented to the Governor, he may :

The words used are that the Governor shall declare his decision “as soon as possible”, and that is the whole of the requirement. No number of days or months is laid down anywhere in the article, which is why option 3 is correct and the three periods offered are all inventions.

Why this has become contentious. Because “as soon as possible” is not enforceable on its face, Governors in several states have kept bills pending indefinitely — a course sometimes called the “pocket veto”. Punjab, Kerala, Tamil Nadu and Telangana all approached the Supreme Court on the question, and the Court has held that the expression is not empty: the Governor cannot sit on a bill indefinitely, must act within a reasonable time, and, once a bill is returned and passed again, is bound to assent.

The contrast with the President. Article 111 governs assent to Union bills and is worded similarly, with no fixed period. The one place where the Constitution does fix a time is Article 201, which requires that where a returned bill is passed again by a state legislature, it be presented to the President within six months.

Note the limitation : the power to return applies only to an ordinary bill. A Money Bill cannot be returned for reconsideration at all, since it may only be introduced on the Governor’s own recommendation.

Hence, the answer is no time limit.