Trust is an arrangement between parties, in which one party holds the ownership of a property for the advantage of another party.
Trust is an arrangement between parties, in which one party holds the ownership of a property for the advantage of another party.
The property includes cash, real estate, shares, etc.
There are two types of trust, Private Trust and Public Trust. The private trust is for the benefit of relatives, friends, or closed groups. The public trust is for the benefit of the public at large.
PAN Card of the Author and Trustee.
Residence Proof of the members. It can include Bank Statement/Aadhar Card/Electricity Bill/Passport/Driving License.
Trust Deed on proper stamp paper which contains the name of the trust, objectives, registered address, number of trustees, rules and regulations, etc.
Address proof of the registered address. It can include property paper or utility bills. In case the property is rented then NOC from the owner is also required.
Basic details of the Author and Trustee which includes self-attested identity and residence proof plus information relating to their occupation.
Photograph of the Author and Trustee.
Trust registration is governed by the Indian Trust Act, 1882 in the case of private trust and general law or state-specific law in the case of public trust. The process is as follow:
The time required varies from 7-10 working days from submission of all the requirements.
Minimum is Two and there is no upper limit.
Private trust benefits smaller group and closed groups whereas public trust benefits larger group of people.
Yes, trust can apply for the registration under section 12AB and 80G of the Income Tax Act.
Three parties are involved, Author, Trustee and Beneficiary.
Application in Form No. 49A is required to be filed after receiving the Incorporation Certificate.
Any individual above 18, HUFs, Company, Association of Persons etc.
Yes, all the provisions of Income Tax Act, 1961& GST Act are applicable to the trust unless specifically exempted.
Trustor is one who creates the trust and Trustee is one who manages the trust.
Indian Trust Act, 1882 for private trust and State wise Trust Act for public trust. Example for State wise Trust Act is Bombay Public Trusts Act, 1950, Rajasthan Public Trust Act, 1959 etc.
The registration process remains the same in all the acts whether it is Indian Trust Act or its Bombay Public Trust Act or the others.
Copyright © 2021 JSONS SOLICITORS PRIVATE LIMITED. All Rights Reserved.