Trust Registration Consultancy in Sonarpur
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Trust Registration – An Overview
Individuals form trusts for setting a particular part of the assets or the property for the benefit of another person. A Trust is formed as a benefit for another individual. It is more of a fiduciary relationship between the trustor, the trustee, and the beneficiary. Hence when an applicant goes for the process of trust registration, they would be different parties as a form of the trust deed.
A specific asset or a property transferred from the trustor to the trustee for the future benefit of the beneficiary is known as trust. The beneficiary is another party (third-party) who may be related to the trustor and trustee.
Hence, the relationship that brings the parties to the trust is crucial to define trust. Under the Indian Trusts Act, 1882, the meaning of trusts has been provided as a relationship that persists between the trustor and trustee to hold some specific benefit for the beneficiary.
Types of Trusts
Trusts are divided into different categories based on the activities carried out by a particular trust. The following are the trusts:
A society is formed mainly for the promotion of science, arts, commerce. All the activities conducted by society are non-commercial. Therefore activities conducted by society are for non-profit purposes. Societies are regulated under The Societies Registration Act, 1860. Societies, through having similar activities from trusts, have to be differentiated from trusts
Private Limited Trusts
Private Limited Trusts are formed for conducting activities for the individuals, family, or close ones. This can include close individuals who form the beneficiaries of private trust. The Trusts Act, 1882, governs private limited trusts.
Public Limited Trusts
Public limited trusts are typically formed where the beneficiaries include the public at large. Usually, public trust will be established for charitable, educational, and religious purposes. In India, the most common public trusts are charitable and religious trusts.
A Company formed under Section 8 of the Companies Act (2013)
Private limited companies can be under section 8 of the companies act. However, these companies cannot carry out businesses to make profits. Companies formed under this have the objectives of promoting education, crafts, science, arts, sustainability development, and environmental activities.
Benefits of Trust Registration
The following benefits can be enjoyed through registering a trust in India:
- Charitable ActivitiesBy registering the trust the applicant can carry out different types of charitable activities for the society.
- Donors can Claim Tax ExemptionsBy donating to the trust, the donors can avail facilities such as tax exemptions under the respective Income Tax Act, 1961
- Compliance with LawBy registering the trust, compliance would be maintained under the provisions of the Indian Trusts Act, 1882.
Documents required for Trust Registration
The following documents are required for trust registration:
- Trust Deed with the respective stamp value.
- Two Photographs of the parties in the trust.
- PAN Card of the individuals having a trust.
- Address Proof of the Individuals.
- Identity Proof of the Individuals.
- Authentication from the Partners.
- No Objection Certificate for using the Premises
- If you have any queries releted registration matters or legal matters then you can contact with the best legal team of B.Pramanik & Associates, kolkata.
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