The present study emphasizes the combined effects of double stratification and buoyancy forces on nanofluid flow past a shrinking/stretching surface. A permeable sheet is used to give way for possible wall fluid suction while the magnetic field is imposed normal to the sheet. The governing boundary layer with non-Fourier energy equations (partial differential equations (PDEs)) are converted into a set of nonlinear ordinary differential equations (ODEs) using similarity transformations. The approximate relative error between present results (using the boundary value problem with fourth order accuracy (bvp4c) function) and previous studies in few limiting cases is sufficiently small (0% to 0.3694%). Numerical solutions are graphically displayed for several physical parameters namely suction, magnetic, thermal relaxation, thermal and solutal stratifications on the velocity, temperature and nanoparticles volume fraction profiles. The non-Fourier energy equation gives a different estimation of heat and mass transfer rates as compared to the classical energy equation. The heat transfer rate approximately elevates 5.83% to 12.13% when the thermal relaxation parameter is added for both shrinking and stretching cases. Adversely, the mass transfer rate declines within the range of 1.02% to 2.42%. It is also evident in the present work that the augmentation of suitable wall mass suction will generate dual solutions. The existence of two solutions (first and second) are noticed in all the profiles as well as the local skin friction, Nusselt number and Sherwood number graphs within the considerable range of parameters. The implementation of stability analysis asserts that the first solution is the real solution.