Answer and Explanation:
The correct answer is (b) 1 and 2
A bill pending in the Lok Sabha lapses on its dissolution: Correct. When the Lok Sabha is dissolved, all bills that are pending in the Lok Sabha lapse.
A bill passed by the Lok Sabha and pending in the Rajya Sabha lapses on the dissolution of the Lok Sabha: Correct. If a bill has been passed by the Lok Sabha but is still pending in the Rajya Sabha at the time of the dissolution of the Lok Sabha, the bill lapses.
A bill in regard to which the President of India notified his/her intention to summon the Houses to a joint sitting lapses on the dissolution of the Lok Sabha: Incorrect. A bill in regard to which the President has notified his/her intention to summon both Houses to a joint sitting does not lapse on the dissolution of the Lok Sabha. This bill can still be considered in the next session of Parliament.
Therefore, statements 1 and 2 are correct, making option (b) the right answer.