Option 1 states that the Public Accounts Committee consists of not more than 15 members from the Lok Sabha and 10 members from the Rajya Sabha. This statement is incorrect as the committee consists of 15 members from the Lok Sabha and 7 members from the Rajya Sabha.

Option 2 states that the Finance Minister is an ex officio member of the Committee. This statement is incorrect as the Finance Minister is not a member of the committee. The committee is comprised of members of Parliament only.

Option 3 states that a member of the Committee is given a term for one year. This statement is correct. The term of office for a member of the Public Accounts Committee is one year. After the term expires, new members are appointed to the committee.

Option 4 states that the term of the office of the members of the Committee from the Rajya Sabha is extended even when they retire from the Rajya Sabha. This statement is not mentioned in the question, so it cannot be determined if it is correct or incorrect.

In conclusion, option 3 is the correct statement as it accurately describes the term of office for a member of the Public Accounts Committee.