Question

A man is slipping on a frictionless inclined plane and a bag falls down from the same height. Then the velocity of both is related as (Vb = velocity of bag and Vm= velocity of man) 1) Vb > Vm ​2) Vb< Vm 3)Vb = Vm 4) Can't be related.

Answer 1

Let us take "speed"   in place of velocity..  

let the angle of inclination of the incline be θ with the horizontal.  we assume that the bag has fallen out of slope and is falling vertically.

Velocity vector of the man at time t : (g Sinθ t) *(cos θ i - sin θ j )  
Velocity vector of the bag =  g t  j

If we compare their speeds or their magnitudes at time t :
        Vm = g Sin θ t             Vbag = g t

As    sin θ <= 1,    V bag  > Vman

Answer 2

Any two object sliding or falling freely vertically from the SAME HEIGHT then the speed of the two object will be same

It's a fact

Hope it helps

Hence , Vb = Vm