Trust Registration
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A trust can be for the benefit of a closed group or persons, known as a Private Trust, or for the public at large, known as a Public Trust. We advise and assist in Trust Registration, which is mandatory anywhere in India.
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Introduction
Trust Registration
The Indian Trusts Act, of 1882, defines a trust as an obligation, annexed by the ownership of property, arising from a confidence reposed in the owner and accepted him, for the benefit of another owner or another person known as its beneficiary. In simple words, the owner of the property/assets called the ‘author of the trust’, entitles its ‘trustee’ to hold his property/assets for the benefit of other authors and beneficiaries. For this purpose, we can say that the ‘author of the trust’ has reposed his confidence in the Trustee. The beneficiary’s rights against the trustee as the owner of the property/assets is termed as his ‘beneficial interest’ in the Trust.
Benefits
Benefits of Trust Registration
Charitable Endeavors
Charitable trusts promote philanthropic endeavors to make a positive impact on society. You can enjoy tax benefits on your personal contributions to registered trusts.
Continuity and Perpetuity
Trusts can exist in perpetuity, allowing you to create a lasting legacy. Through trust registration, you can ensure the continuity of your objectives beyond your lifetime.
Tax Benefits
Trusts being non-profit entities are subject to many tax exemptions under the Income Tax Act. The exact provisions may vary based on the type of trust and jurisdiction of registration
Succession Planning
Trusts are excellent tools for succession planning. By transferring assets into a trust, you can outline specific instructions for their distribution to beneficiaries.
Process
Trust Registration In 5 Easy Steps
Document Checklist
Documents Required for Trust Registration Online
ID Proof
ID Proof Of Trustee and Trustor
Bills
Copy Of Utility Bills
12A and 80 G Certificate
From the respective income tax authorities to claim any form of deductions.
Address Proof
Address Proof of the Registered Office of the Trust.
Photographs
Two Photographs of the parties in the trust.
PAN Card
PAN Card of the individuals having a trust.
Faq
Frequently Asked Questions (FAQ)
In India, trust is more like an akin to a legal arrangement between the author and the trustee.
The key duties of a Trustee are Fiduciary Duty; Duty of Care; Duty of Intimating the Beneficiary of any Form of Changes made in the Trust; and the Duty to Administer the Trust Property.
In India, Trust has beneficiaries, who are the people for the benefit of whom the trust is established and will be handled.
The different classes of Indian Trusts are as follows:
- Simple Trusts, where its only purpose is the holding of estate by the trustee
- Special Trusts, where the trust is created for a particular purpose
- Express Trusts, created by a mutual agreement between parties
- Implied Trust, deduced from the conduct of the parties
- Public Trust, where the beneficiaries include the general public
- Private Trust, where the beneficiaries include a private group of individuals
- Constructive Trust, created as a result of the implementation of law
The steps involved in the process to register Trust in India are Choose an Appropriate Name; Decide the Authors and Trustees; Formulate MOA and Trust Deed; Preparation of Trust Deed on a Stamp Paper; Submission of Trust Deed to the Registrar; Obtain the Certificate of Registration.
The Indian Trusts Act, 1882, is the governing law for a Trust in India.
