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How To Start Trust Registration
Formation of trust and registration of Trust as per Indian Trust Act. A easy way to understand how the trust is registered and operated. There is no complicated law words to drive your brain.
1. Trust is created with a document named Trust deed.
( Example Model Trust Deed which may be shaped to registered with a stamp duty paper in the Registrar office as per the Registration Act.)
2. Trust is created by the Founder (author or settler) with the trust of Trustees (who are the body of Trust)
3. Trust shall be created under irrevocable nature.
4. Trust deed consists of objects of the trust, Operation of Trust, Trustee information, Trustee powers, rights, duties and liabilities.
5. There are some procedures in creation of a trust deed. Charted accountants (Auditors) and Lawyers (Attorney) shall help you for creation of Trust deed. After creation of Trust deed, That organization TRUST shall be registered with the Registrar or Sub-registrar office as per the laws relevant to the specific states.
6. After the registration of trust, you shall get the copy of the registration from the Registrar and you shall apply for PAN card, and you have to apply for proper Income tax registration with Income tax department ( Here the 12 A plays the role).
7. After you have properly got the Income tax certificate for the Trust (12A), you can also apply for tax exemption certificates like 80g, 35ac and so many other forms of income tax exemption as per the objects of your trust and as per the applicable rules. Formation & registration of Trust as per Indian Trust Act. A easy way to understand how the trust is formed. No complicated law words to drive your brain.
8. A trust shall be a public charitable trust or Private trust. Public charitable trust is able to raise funds from public to serve the social causes of the nation.
9. A trust must be registered whether with movable or immovable properties.
10. Trust should be registered with a "Registered office address of the trust" with proper landmarks.
11. A Trust shall be registered by the founder only with the minimum of 2 members.
So in this way you can understand how to form a trust.
If you like to know more details about the Indian laws and regulations of Trust, you shall buy the book in any nearby law book stall in your city or town, which is named " Formation & Management of a Trust along with Tax Planning .
The another recent NGO book will also be most useful to know more about trust, which is published by Universal Law Publishing Co. Pvt. Ltd, which has the book name as " Formation and Management of NGOs " written by Anita Abraham, Advocate. In all law book shops these above two books are available.
TRUST Explained once more:
Trust are formed under a Trust deed and registered with Registrar office and Income Tax Authority. In general a Trust deed will be created (Trust bye-law or instrument of trust) with the objects of Trust.
Trust deeds are created and declared either by will or inter-vivos by agreement and as testamentary instrument or a non testamentary instrument. Some type of trust may be created even verbally. However, it's advisable to have written trust deed. The basic need of a trust deed is must to be in writing and registered with the Registrar of the Trust ( In local Registrar office or as per the law related to Trust), which is the only prima facie evidence for the existence of trust It also simplifies devolution of trust property. The written trust and trust deed is the essential for registration towards conveyance of Immovable property. It helps to claim income tax exemption as per Income tax act. It is useful to control, regulate and manage the works and operations of the trust. It spells several procedures for appointment and removal of the trustees, and their powers, rights and duties. That is, a Trust is created in written by a will which is related to movable or immovable property, whether it may be a public or private trust, duly registered with Registrar of local office and Income tax department.