Explanation:

- The Finance Commission in India is a constitutional body.

- It is constituted by the President of India.

- The main task is to define the financial relations between the central government and the individual state governments.

- It is formed at the expiration of a specific period to review financial distribution between the central and state governments.

- Option 1: Tenth - This statement is incorrect. The Finance Commission does not have a 10-year renewal period.

- Option 2: Seventh - It is not set for every seven years.

- Option 3: Sixth - This is incorrect.

- Option 4: Fifth - The correct period at which the Finance Commission is constituted.