The process would probably take some time, but how much depends on where the soldier was serving, and the circumstances of his death. Victoria Cross recommendations in the 20th century have been investigated rather carefully, which takes time.
The family are likely to be notified first that their son has been killed in action. That might be by post or telegram, or by a personal visit. The visit will only be from an officer of the regiment if the regiment has a depot or other establishment fairly close to the family home; if not, it may well be from an officer of another regiment, or the local police.
The belongings will have to be transported back from wherever the man was serving, and this will not be seen as a matter of great urgency, so there might be a wait of several weeks.
The man's commanding officer will have submitted a recommendation for a decoration, and this will take some time to be investigated, a decision made, and the award published in the London Gazette, which makes it official. The family will be notified once that has happened, through post or telegram. The medal will then have to be sent from London to India, and arrangements made for its presentation. For a Victoria Cross, I'd expect a senior official or Army officer to make the presentation to the family: this might happen in a city rather than the home village.
If you look through the List of First World War Victoria Cross recipients for Indian names and regiments, the pages on individuals will give you the date of the deed and of the publication in the London Gazette. You'll find the delay depends quite a lot on where the deed took place.