Ball in Water Hazard (Rule 26-1)
If you find your ball in a water hazard, you can always try to play it without penalty. Otherwise, it's a stroke-plus-distance penalty. Option 1: Take a 1-stroke penalty and return to the spot of the original shot to re-play. Option 2: Take a 1-stroke penalty and drop a ball behind the water hazard (going back as far as you want), keeping the point at which the original shot crossed into the hazard directly between your drop and the hole. For a lateral water hazard, drop within two club lengths of the spot where the ball crossed the margin of the hazard (no nearer the hole), or on the opposite side of the hazard at an equidistant spot.

note:

Lateral hazard marked with red stake and/or red line

Hazard marked with yellow stake and/or yellow line