Step 1: $V$ in $VOSO_4$ is in +4 state. It can be oxidized to +5, so it acts as a reducing agent. (Correct)
Step 2: $Ru$ in $RuO_4$ is in its highest oxidation state (+8), making it a powerful oxidizing agent. (Correct)
Step 3: $Cr_2O_3$ is a well-known amphoteric oxide of Chromium. (Correct)
Step 4: The red colour of ruby is actually due to the presence of $Cr^{3+}$ ions as impurities in the $Al_2O_3$ lattice, not $Co^{3+}$. Statement (D) is incorrect.