This is what the EPA has to say about using bleach.
http://www.epa.gov/safewater/faq/emerg.html
Chemical Treatment
When boiling is not practical, certain chemicals will kill most harmful or disease-causing organisms.
For chemical disinfection to be effective, the water must be filtered and settled first.Chlorine and iodine are the two chemicals commonly used to treat water. They are somewhat effective in protecting against exposure toGiardia, but may not be effective in controlling more resistant organisms like Cryptosporidium. Chlorine is generally more effective than iodine in controlling Giardia, and both disinfectants work much better in warm water.
You can use a non-scented, household chlorine bleach that contains a chlorine compound to disinfect water.
Do not use non-chlorine bleach to disinfect water. Typically, household chlorine bleaches will be 5.25% available chlorine. Follow the procedure written on the label. When the necessary procedure is not given, find the percentage of available chlorine on the label and use the information in the following table as a guide. (Remember, 1/8 teaspoon and 8 drops are about the same quantity.)
Available Chlorine Drops per Quart/Gallon of Clear Water Drops per Liter of Clear Water
1% 10 per Quart - 40 per Gallon 10 per Liter
4-6% 2 per Quart - 8 per Gallon (1/8 teaspoon) 2 per Liter
7-10% 1 per Quart - 4 per Gallon 1 per Liter
(If the strength of the bleach is unknown, add ten drops per quart or liter of filtered and settled water. Double the amount of chlorine for cloudy, murky or colored water or water that is extremely cold.)
Mix the treated water thoroughly and allow it to stand, preferably covered, for 30 minutes. The water should have a slight chlorine odor. If not, repeat the dosage and allow the water to stand for an additional 15 minutes. If the treated water has too strong a chlorine taste, allow the water to stand exposed to the air for a few hours or pour it from one clean container to another several times.