#TrustRegstration #OnlineTrustRegistration #Corpbiz
What is a #Trust?
Indian Trust Act 1882 defines the Trust as an organization where the owner (trustor) decides to transfer the right of his property to a second person called trustee so that the third person (beneficiary) can take the benefit out of it. Property can be cash, shares or any other valuable asset.
Such a property is moved by the trustor to the trustee alongside a declaration that the trustee should hold the property for the recipients of the Trust.
Types of Trust?
The trust is divided of following two types
Public Trust
Public trust is created to provide benefit to the public at large, thus beneficiaries in the case of public trust is general public at large. Public Trust is further subdivided into two parts:
1. Public Charitable Trust
2. Public Religious Trust
Private Trust
Private trust is a trust created for the benefit of individuals other than a public or charitable purpose. Individuals are beneficiaries in the case of private trust. Private trust is further subdivided into two parts:
What is trust dead and why it’s important at the time of Trust Registration
A trust deed is a document which contains all the crucial information related to registration and must present it before the registrar of the trusts having jurisdiction. . Trust Deed contains the following information:
• Motive of the Trust
• Information of the Settler and trustees like Name, Age, Father’s Name, Address, Occupation, Mobile Number, Email Address, Designation
• Total number of Trustees
• Address of the registered office of the trust
• Rules and regulations that the trust will follow
• Proposed name of the Trust
• A copy of identity proof of the settler and trustee
• Passport size photograph of the settler and trustee
• Presence of the Settler along with original identity proof and two witnesses at the time of registration. Some states have made presence of trustee mandatory as well.
#12Aand80GCertificates
#IncomeTaxDepartment issues 12A certificate to the trusts or #NGOs. Any trust that has #12ACertificate is not liable to pay Income tax for the entire lifetime on its surplus income.
Additionally, a NGO must acquire #80GCertificate. This certification gives the donor a permission to avail the benefit of deduction at the time of making donation. Thus, you can say deduction is offered to the donors under section 80G of the Income Tax Act.
Legislation Pertaining to Trust
A Trust is represented by Indian Trusts Act, 1882 across India. Though, each state can detail its own Trusts Act to administer such non –profit organizations in its own state.
Further, a Trust can get assets and activities much like a Society. Nonetheless, it’s very challenging to get assets or ventures following a Trust get enrolled.
It is necessary for a trust to meet certain eligibility criteria if the trust is interested in obtaining funds or projects. Criteria can be anything such as relevant experience, performance of a Trust, its age and other such parameters.
Benefits of Trust Registration
• The reason behind creating any trust is to indulge in charitable activities and at the same time avail the benefit of tax exemption. These charitable trusts are also called non-profit organization.
• A trust has to be a legal entity if it wants to avail all the benefits of the trust offered by the government. Means trust gets land from the government.
• Trust Deed is necessary to register a charitable trust. Hence, charitable registration is also called trust deed.
• Benefits of 80 G certificate
• Benefit of Income tax
• White capital for construction of building
Documents required for registration of trust
Proof of identity (adhar card, voter id, passport, driving licence)
Address proof of registered office
Trust dead on a stamp paper
NOC form landlord
Passport size photograph
Must know things before Trust Registration
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