Step 1 (Decode the second statement — the key).
“Anil’s father’s mother-in-law” means the mother of Anil’s mother Anil’s maternal grandmother.
It is given that this person is Shreya’s maternal grandmother as well.
Therefore, Anil’s mother and Shreya’s mother are daughters of the same} grandmother Anil’s mother and Shreya’s mother are sisters.
Step 2 (Conclude Anil–Shreya relation from mothers).
Children of two sisters are maternal cousins. Hence, Anil and Shreya are cousins.
Step 3 (Consistency check with the first statement).
“Anil’s mother’s brother” is Anil’s maternal uncle. He is married to “Shreya’s sister” (an additional family link by marriage). This does not alter that Anil and Shreya, whose mothers are sisters, remain cousins.
\[
{\text{Cousins (Option (b)}}
\]