Concept:Water is a neutral, colourless, tasteless liquid that dissolves many substances.Explanation:I. Water is colourless and tasteless — correct.II. Water is neutral to litmus paper — correct.III. Water does not turn red litmus paper blue; only bases/alkalis do — incorrect.IV. Water dissolves many substances, so it is called the universal solvent — correct.Thus, the correct statements are I, II and IV.Answer:C. I, II and IV only