Pronunciation: After First Takbeer: Subhanaka allahumma wa bihamdika wa tabarakasmuka wa ta'ala jadduka wa lailaha ghairuk
After Second Takbeer: Allahumma Salli Ala Muhammad, Wa Alaaa Aali Muhammad, Kamaa Sal-laita Alaaa Ibrahim, Wa Alaaa Aali Ibrahim, Innaka Hamidum Majeed. Allahumma Baarik Ala Muhammad, Wa Alaaa Aali Muhammad, Kamaa Baarakta Alaaa Ibrahim, Wa Alaaa Aali Ibrahim, Innaka Hamidum Majeed.
After Third Takbeer: Allahum-maghfir li hayyina wa mayyitina, wa shahidina wa gha’ibina, wa sa-ghi-rina wa ka-bi-rina, wa za-karina wa un-tha-na, Alluhumma man ah-yay-tahu min-na fa ah-yihi `a-lal islam, wa man ta-waf-fay-tahu min-na fa-ta-waf-fahu `alal iman.
After Fourth Takbeer: Assalamu Aalaykum wa rah-matullaah
Meaning: After First Takbeer: All Glory be to you O Allah! and praise be to you; Blessed is Your name and Exalted is Your Majesty, and there is none worthy of worship besides You.
After Second Takbeer: O Allah, bestow Your favor on Muhammad and on the family of Muhammad as You have bestowed Your favor on Ibrahim and on the family of Ibrahim, You are Praiseworthy, Most Glorious. O Allah, bless Muhammad and the family of Muhammad as You have blessed Ibrahim and on the family of Ibrahim, You are Praiseworthy, Most Glorious.
After Third Takbeer: O Allah, forgive our people who are still alive and those whole have passed away, forgive those who are present here and those who are absent, forgive our yound and elderly, forgive our males and females. O Allah, the one whom You wish to keep alive from among us make him live according to Islam, and anyone whom You wish to die from among us, let him die in the state of Iman (Belief)
After Fourth Takbeer: Peace upon you, and mercy of Allah
Virtue: In many ahadith, the Prophet Muhammad The Messenger of Allah Prophet Muhammad Sallallahu Alaihi Wasallam (Peace and Blessings of Allah be upon him) emphasised and encouraged the Muslims to attend the funeral ceremonies. Every Muslim male should try his best to fulfil his duty towards the deceased. If no one from the whole of Muslim community offers Janazah prayers, then the whole community will be considered sinful in the sight of Allah (subhanahu wa ta'ala). If some of the people offer Janazah prayer then the whole community will be saved from the anger of Allah (subhanahu wa ta'ala). There are 4 Takbeers in funeral prayer in Islam
Reference: Sahih Bukhari Vol. 2 Hadith 337, Tirmidhi, Vol. 1, Pg. 121