The ancient town of Takshasila, also known as Taxila, was an important center of learning in the ancient world. The geographical location of this town is between the rivers Indus and Jhelum, which is why option 1 is the correct answer.

Let`s delve into the other options.

Option 2, suggesting Takshasila was located between Jhelum and Chenab is incorrect as the town was east of river Indus and north-west of river Jhelum.

Option 3, placing Takshasila between Chenab and Ravi rivers, doesn`t hold as both these rivers are located to the south-west of the town

Option 4, Ravi and Beas, is also incorrect as both rivers are further south of Takshasila.

On geographical grounds, only location between Indus and Jhelum correctly identifies where Takshasila was located.