Trust Registration in India
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A trust can be created by execution of a trust deed; there are two types of trust. A public trust (charitable trust) is created for the benefit of the general public whereas a private trust is created for the benefit of a particular group of individuals known as the beneficiary.+919899-600-605 Chat With Us
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The first step to register a trust starts with the drafting of a trust deed. The trust deed is to be executed on appropriate non-judicial stamp paper, the rate of stamp duty differs from state to state. The next step is to seek an appointment with the sub-registrar office having jurisdiction based on the registered office of the trust, and the government registration fee is to be paid after that.
On the appointed date the trust deed is presented before the sub-registrar where all trustees need to be present along with two witnesses. The registration process is then undertaken by the office of the sub-registrar, and the registered deed can be collected after a week time. The next logical step shall be to get the PAN and TAN Number allotted for the trust and open a Bank A/c for the trust.
Must Know Before Trust Registration
Private vs Public Trust: Indian Trusts Act, 1882 regulates and administers the private trusts in India, whereas the public trusts direct the functioning of public trusts except in the state of Maharashtra and Gujarat where public trusts are governed by Bombay Public Trusts Act, 1950.
Number of Trustees: There is no upper limit for the trustees in a trust, but a minimum of two trustees are always required for registration. The trust deed should have provision concerning the management of the trust along with the procedure of appointing or removing the members.
Trust Deed: The trust deed is the most important instrument in a trust, it prescribes the main objectives for which the trust is set up. Apart from the main objects of the trust, it defines its beneficiary and the powers of the trustee. The deed is signed in presence of two witnesses.
Tax Benefit: Government privileges and tax benefits are not available to a private trust, whereas public trusts after registration with the income tax can avail certain tax exemptions. We are experienced in obtaining necessary income tax registration for tax exemption or benefit.
List of Documents Required For Trust Registration
|A. Documentation of the Trust & Trustee|
|B. Documentation for the Trust Registered Address|
Stepwise Process of Trust Registration
Step - 1: Selection Of Name
First thing is to select a unique name of your trust, the name should not violate or infringes someone else name or trademark.
Step - 2: Drafting Of Deed
The trust deed needs to be drafted wherein the parties to the deed shall be settlor (author of the trust deed), the trustee and the beneficiary.
Step - 3: Trust Registration
A trust deed is a document which requires mandatory registration before the registrar of the trusts having jurisdiction.
Step - 4: PAN, TAN And Bank A/C
After registration of the trust, the next step is to apply for allotment of PAN Number and TAN and thereafter opening of a bank A/c.
Frequently Asked Questions
What is a public trust and what is the purpose of setting up the same?
The purpose for which a public trust can be created is the benefit of general public, and the same must be clearly prescribed in the trust deed, as it guides its functioning in the course of time. Generally a public trust is created for setting up a school, colleges, other educational initiatives, hospital, old age homes, orphanage, for promotion of child health and their empowerment, welfare of weaker section of society, and for fulfillment of Corporate Social Responsibilities (CSR) by companies under section 135 of the Companies Act, 2013.
Is there any Trust Registration Form?
The registration of Trust or Trust Deed Registration is a one and same thing and each state have prescribed a distinct profess for trust registration. As such, there is no uniform trust registration form to register a trust. The basic documents to register a trust is the trust deed and KYC documents of its author, trustee and witness of the trust deed.
Do I need a consultant for trust deed?
For trust registration the trust deed does not require any specific certification from any professional consultants for trust registration, however, you may need our services for proper drafting of the trust deed, in obtaining the appointment with the registrar of trusts and operational assistance while being present in the registrar office for registration of trust deed.
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