Trust Registration
Introduction
According to Section 3 of the Indian Trust Act, 1882, Trust means that when an obligation is attached to / owned by the property, a person (the settlor) puts the Trust in the hands of another person (Trustee) ( Third-party beneficiary). In other words, a trust is a legal vehicle that allows a third party, a trustee, to operate and manage assets in a trust 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.
Document Required
- Charitable Trusts are registered under Public Trusts under the public trust Act, 1882.
- Needs a minimum of 2 persons above 18 years old just in case} of female and 19 years old in case of males with a sound mind and with any or no educational qualifications.
- Government, Semi-Government employees, too, are eligible to be Trustees of trust. They create no profit, salary, or personal interest for themselves through the public trust and offer selfless social services to the Trust.
- Aadhar and PAN Card (Original and their Self Attested Copies) are required together with Water/ Electricity bills within their name or in the owner’s name of the property and the Permission/Consent letter the owner to open the Registered Office of Trust(NGO).
- Rent Agreement too required if the property is on rent, 2 witnesses one amongst which to be Registered Advocate together with 2 passport-sized photos.
- Trust Deed to be signed and submitted in Sub-Registrar office under Revenue Department of the concerned