We can get the answer figure just by observing the pattern of arrow and h figure.
The arrow faces upwards for two consecutive figures. The same pattern is followed by h figure. Arrow first moves from extreme left position to middle and then again retraces its path.
The h figure, moves from second to third and then again second.
In the answer figure, the arrow will move to the second position while h figure will move to the second position.
Therefore, the correct figure is IV or V. But V has the same circular triangle as the problem figure 5. We can observe  that in every figure one of the elements (other than the h, the lollipop and the arrow) changes. Hence the answer is 4.