Rajya Sabha:
Rajya Sabha or The Council of States is the Upper House of the Indian Parliament consisting of 250 members. 238 are representatives of states and two Union territories while the rest of 12 members are nominated by the President of India. Introduction of important non money bills (Legislative), control over the executive and removal of President and vice President are some of the important powers enjoyed by the Rajya Sabha.

Lok Sabha:
The House of People or the Lower House of Parliament consists of members directly elected by the people. It enjoys significant powers like initiation and passing of money and other bills, impeachment of President and judges of Supreme Court etc.
Here’s how a Member of Parliament can earn:

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Salary of Member of Rajya Sabha

A member is entitled to a salary of INR 16,000 per month during the term of office.
Asides from the monthly salaries the members of Rajya Sabha enjoy a host of other allowances. Here is a list of them:

Constituency Allowance: INR 20,000 each month while his term in office
Traveling Allowance (Forward and Return Journey):

By Road: INR 13 per km
By Rail: Permitted one first class and one second class fare
By Air: 1 and 1/4th of air fare

Please remember these traveling allowances are given when the member goes out to attend meetings in the House or a committee, or for performing any duties as a Member of the House.

Office Allowances and Expenses: Each member of Rajya Sabha is entitled to get INR 20,000 as office expenses. However there has to be a clear division of the money based on the purposes of the expenses. INR 14,000 should be spent for secretarial assistance, INR 4,000 should be spent for necessary office items (stationery) and INR 2,000 should be spent on letters
INR 1,000 is shelled out each day for a member during the sitting of a Committee.
A minimum pension of INR 8,000 per months and an additional of INR 800 per month are given to each ex-member of Rajya Sabha.

Salary of Member of Lok Sabha

Each member is entitled to get a hike from INR 16,000 to INR 50,000 per month, in effect from 18th May 2009. Lok Sabha

Each member is entitled to get a hike from INR 16,000 to INR 50,000 per month, in effect from 18th May 2009.

Constituency Allowance: INR 45,000 per month.

Daily Allowance: INR 2,000 for each day on duty. Duties include attending sessions of Lok Sabha or Committee meetings.

Office Expenses: INR 45,000 out of which INR 30,000 is paid for secretarial assistance and the remaining to be spent on postage and office items.

Travel Allowance: INR 16 per km asides from other road mileage facilities (forward journey)
34 single air journeys yearly (return journey from a parliamentary session or after attending any duty as a Member of Parliament). The balance or the amount which is saved from unused journeys is carried over to the next year.

Purchase of Vehicle: An advance of a maximum of 4 lacs or the price of the vehicle, whichever is less, can be taken in advance

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Eligibility to be a Member of Parliament:
Some of the qualities which an aspirant should have in order to be a Member of Parliament are listed below:
Rajya Sabha:

    Must be at least 30 years of age
    Must be a citizen of India
    Should be of sound mind
    Should be a solvent
    Should have other qualities prescribed by Parliament

Lok Sabha:

    Must be at least 25 years of age
    Registered Voter of a Constituency
    Must be a citizen of India
    Should not be convicted or accused of a criminal offense.