The correct answer is option 3, which states that only a retired Chief Justice of India can be the chairman of the National Human Rights Commission.

Let`s dissect each option to understand why the other options are not correct:

Option 1 states that any serving judge in the Supreme Court can be the chairman. However, this is not true. Only a retired Chief Justice of India, who has served as the head of the country`s highest judiciary, can hold this position.

Option 2 states that any serving judge in the High Courts can be the chairman. Again, this is not correct. The chairman of the National Human Rights Commission must be a retired Chief Justice of India, not a serving judge in the High Courts.

Option 4 states that only a retired Chief Justice of High Courts can be the chairman. However, this is also incorrect. The chairman must be a retired Chief Justice of India, not of the High Courts.

Therefore, the correct answer is option 3, which states that only a retired Chief Justice of India can be the chairman of the National Human Rights Commission.