We provide Trust Registration in Patna Bihar Ranchi Jharkhand. Trusts are organisation registered under Indian Trust Act. Trust can be Private Trust and Public Trust. Public Trusts are also known as Charitable Trusts or NGO.
- Trust is registered and governed by Indian Trust Act. In simple word, it is a financial vehicle which transfers a property from its owner to a trust for the lawful purpose. Normally we hear the word trust for religion purpose; however, there is no such restriction. There are even sports academies registered as trusts.Documents required for registration of Trust:
- The details of trustees like Name, Occupation, Address, Age, Father’s Name, Designation, Mobile Number, Email Address and Two Photograph are required.
- Address Proof of Trustee & Settler required: – Voter I.D / Driving license / Passport.
- Electricity Bill or House Tax Receipt or Water Bill Receipt or Ownership Proof of Property required.
- In case of Rented, Rent Deed duly notarised with rent receipt and NOC form Land Lord on Rs 10/- Stamp Paper. Name of Landlord, Father’s name, Residence Address.
- Physical Presence of Settler/all required at the time of Registration along with Original ID.
- Physical Presence of Two witnesses with original ID Proof at the time of Registration.
In India, some societies are registered as a public trust. Often, you’ll even hear of the wealthy creating private trusts; this is done because of the tax-efficient nature of the trust (dividend distribution tax or minimum alternate tax do not apply). It is the easiest way to transfer than making a will. However, it does much involve more effort to register a trust than to write a will.
Private Trust Formation
- The existence of the author/settlor of the Trust or someone at whose instance the Trust comes into existence and the settlor to make an unequivocal declaration which is binding on him.
- There must be a transfer of the ownership by the author of the trust in favour of the trustee, where the beneficiary gains.
- A Trust property.
- The objects of the Trust must be precise and clearly specified.
- The beneficiary of the Trust may be a particular person or persons.
Public Trust Formation
- A declaration of Trust which is binding on settlor.
- Setting apart definite property and the settlor relinquishing himself of the ownership thereof.
- A statement of the objects for which the property is hereon held.
- The settlor or the author of the Trust, and the Trustees must be competent to contract.
After formation of the Trust, the Trust shall not be revoked, barring a few exemptions where the Trust contract contains any clause.
- Can you be a trustee and a beneficiary of a trust?
Protecting Trust Assets When a Beneficiary is Also a Trustee. Trusts are an integral part of many estate plans. From an asset protection standpoint, generally it is best to appoint an independent, professional trustee. But in some cases it is desirable to name the trust’s primary beneficiary as trustee.
- Are trusts confidential?
A trust is not considered confidential when the trustee is given discretion to provide statements to beneficiaries. Assets transferred or “gifted” to heirs during life avoid inclusion in your taxable estate. … “confidential trusts” because it best describes the nature and function of these types of trusts.
- Do beneficiaries of a trust pay taxes?
Generally, taxes on taxable income must be paid either by the trust or by the beneficiaries, but not both. If the trust retains income beyond year-end, then the trust must pay taxes on it. However, if the income is distributed, then the beneficiaries pay taxes on it and the trust is permitted to deduct it.
- Who sets up a trust?
Company secretaries can you in setting up your own trust in India..