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The Indian Trusts Act, 1882 regulates and facilitates the regulation of all trusts registered in India. A trust is usually referred to as a legal arrangement in which the owner of the trust transfers ownership to the relevant trustee (also known as the beneficiary). Trusts are established to assist disadvantaged members of society. A trust deed is a core document that defines the reasons for the formation of a trust, the details of the authors, trustees and beneficiaries. It determines all the workings and functions of trust till its closure. The trust deed is registered with the sub-registrar of the relevant jurisdiction.
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There is a general perception that trusts pay no taxes because they contribute to the welfare of the general public. But this is not true. Trusts, like any other legal entity, are taxable. To be exempt from taxes, the trust is required to have certification for the aforementioned exemptions, such as Section 12A, 80G, etc. with income tax authorities.
Trusts can be used to allocate specific assets such as land or interests in a family-run organization, which would be impractical for the trustee to distribute among individuals.
Registering a private trust is considered very important for those wishing to protect their personal assets in India and moving to another country.
Anyone can use a trust registry as a tool to transfer assets to an heir in the absence of a will. As property ownership is transferred from the settlor to the trustee upon settlement, there is no change in the title after the settlor's death, thus avoiding the need to probate the estate with a trust property account.
The trust deed is the primary and the most essential document of the trust. Following are the important clauses in the Trust Deed
Name of the trust
Objectives of the trust
Area of operation of the trust
The registered office of the trust
Assets of the Trust
Details of the Author of the Trust
Details of the Board of Trustees
Owers and functions of the Managing Trustee and other Trustees
Quorum of the Board with their qualification, terms and tenure
Closure and amendment of the trust deed and the applicability of the Act
Objective of the Trust Deed.
Information of the Trustee and settlor (Self-attested copy Id and
Address Proof along with the information related to occupation).
Trust Deed on Stamp Paper. (will be prepared)
PAN Card of Trustee and settlor.
Photographs of Trustee and settlor.
Registered Office Address Proof
--> Latest Electricity Bill/Water Bill (Latest)
--> If Rented: Rent Agreement and NOC from the Property owner
--> If Owned: Copy of Property Papers
The process of registering a Trust in India typically involves drafting a trust deed, getting it notarized and submitting it to the relevant registering authority, along with other required documents such as PAN card of the trust, and bank details.
The time it takes to register a Trust in India can vary depending on the completeness and accuracy of the application and documentation. It can take anywhere from a days to few weeks.
No, Trust registration in India is not a renewable process, once registered it continues to exist until dissolved.
A Trust can be dissolved or wound up in India, through a proper process as per the Indian Trusts Act, 1882.
Trusts in India are required to comply with various laws and regulations such as FCRA, Income Tax and TDS compliance, maintain proper books of accounts, and file annual reports and returns with the relevant authorities.
Yes, Trusts in India can also register for FCRA to receive foreign contributions. It's a separate registration process and comes with its own set of compliance and reporting requirements.