Today Management Consultant helps you in providing with the trust registration online through very simple steps. Register Today & Maximize your Tax Benefits
A trust may be a legal vehicle that permits a third party, a trustee, to work and manage assets during a fund on behalf of a beneficiary. A trust dramatically increases your choices about controlling your assets, whether you’re trying to shield your wealth from taxes or pass it on to your kids.
1. Before registering your trust, you need to build the following decisions:
– Name of the Trust
– Address of the Trust
– Objects of the Trust (charitable or religious Trust)
– One Settler of the Trust
– Two Trustees of the Trust
– Trust property movable or immovable property
2. Prepare a instrument on stamp paper of expected value (8% of the worth of the trust’s property in Delhi. This rate varies from state to state)
3. Registration requirement of the trust deed with the local registrar underneath the Indian Trust Act, 1882: Instrument on stamp paper of expected value (as expressed at purpose 2 above)
– A passport size photograph and a copy of the settler’s identity
– One passport size photograph and a copy of proof of identity of each of the two trustees.
– A passport size photograph and a copy of the proof of identity of each of the two witnesses.
– Signature of settler on all pages of a Trust Deed.
– Witness by two persons on the instrument.
4. Attend the Local Registrar and submit a trust deed together with a photocopy for registration.
The photocopy of the deed should conjointly contain the signature of the settler on all pages.
At the time of registration, the Settler and 2 witnesses should be gift personally together with their identity proof within the original.
5. The Registrar retains the photocopy and returns the initial Registered copy of the Trust Deed.
A trust needs a minimum of two trustees; there is no upper limit to the number of trustees.
The Board of Management comprises the trustees.
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To Include in Charitable Activities
Registered Trust Avails Tax Exemptions
Gives Benefits To Poor People
Compliance With Law
Preservation Of Family Wealth
Avoid Probate Court
Immigration Of Family
Forced Heirship
Tax Mitigation & Managing Assets
We provide online compliance solution by simplifying time consuming and cumbersome paperwork with utmost professionalism in speedy manner.
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It is mandatory to register a trust when it is declared by a non-testamentary instrument. Even if that instrument is exempted from registration as per The Registration Act 1908, it is still necessary to register it. In the scenario of a Private Trust declared through a will, registration is not compulsory even if it is a matter of immovable property.
In the case of Charitable or Religious Trust that includes an immovable property and intends to claim an exemption under Section 11 of the Income Tax Act 1961, it is mandatory that the instrument is registered.
There must be at least two or more persons for forming the trusts.
The trust must be formed according to the provisions of the Indian Trusts Act, 1882.
The parties must not be disqualified under any law in force in India.
The objectives of the trust must not go against any law in force in India.
Practices that are conducted by the trustee must be fair.
The formation of the trust must not go against public interest or any other law in force
Any trust activities must not injure any person.
The activities conducted by the trust must not go according to the memorandum.
Trust Deed must be properly drafted and intend the real interests of the parties forming the trust.
If there are more than two purposes of creating the trust, then both the purposes must be valid. If one object is valid and another object is invalid, then the trust cannot be formed.
A trust cannot be closed if the operations are carried according to trust management. However, if there are any forms of disqualification on the shareholders, trust can be closed. An application for closing the trust must be made.
First and foremost the applicant has to know the activities which are covered by the trust. Then the applicant has to select an appropriate name for the trust. After this the deed of the trust has to be drafted. After this process is carried out, the applicant has to go for trust registration. In the final step, the applicant would secure a PAN and TAN.
NGOs are non-government organizations that are only engaged in carrying out philanthropic activities. An organization carrying out a trust will also carry out similar activities.
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