A trust functions on the objective of eradicating poverty, providing education to the underprivileged and offering medical relief apart from the generalized aim of promoting arts, science and literature.
trusts are irrevocable which means they cannot be amended or terminated without the permission of the court.
defines trust as being a legal obligation annexed to the ownership of property. And arising out of a confidence reposed in the trustee by the settlor, for the benefit of the beneficiaries as identified by the settlor including/excluding the settlor himself. The person who declares the confidence is called the “author of the trust”. The person who accepts the confidence is called the “trustee”. The person for whose benefit the confidence is accepted is called the “beneficiary”. And the subject matter of the trust is called “trust property”. The “beneficial interest” or “interest” of the beneficiary is the right against the trustee as owner of the trust property and the instrument, if any, by which the trust is declared is called the “instrument of trust”.
The property in case of a trust is not transferred directly to the transferee but is put in control of the trustee for the benefit of the transferee. The trustee, depending upon the nature of the trust, either transfers the property or its earnings to the transferee at the happening of certain events or applies the property and /or its gains for the benefit of such a transferee.
Experience the trust
Once the payment for the registration is done, it takes about 8 to 10 days for online registration to be completed under the Indian Trust Act – 1882. Before the deed becomes valid throughout the country, the settler has to deliver a presentation at the registrar’s office.
Note: On the scheduled date for registration, the Author of the Trust shall be present in the Register Office for registration.
Prices start with 6499/- (inclusive all)
The Trustees do not have the right to sell the property, however, the trust properties can be sold after obtaining prior permission from the appropriate civil court.
Based on the cause and objectives, NGOs can be registered online as Trust or Section 8 companies.
Yes. Government employees or officers can be part of NGOs, provided the NGO is not working towards any anti-government activities or programmes. The intended members should ensure the particular organization is not profit making and that its members do not draw any salary from the NGO.
The trust is usually irrevocable in nature. For reasons like disqualification of trustees, absence of trustees, mismanagement of the trust. The trust can be merged with a trust having similar objective with the permission of the court.
There is no specific certificate for a trust registration. On the other hand, getting the trust deed registered with the appropriate authorities would suffice.
There is a general notion that trust need not have to pay tax as they work towards the welfare of the public at large. But this is not true. A trust, like any other legal entity, is liable to pay tax. In order to be exempted from tax, trust is required to obtain certification for the said exemptions such as Section 12 A, 80G etc. from the Income Tax authorities.
The quorum of the Board of Trustees shall not exceed a maximum of 21 members.
The trust deed is the primary and the most essential document of the trust which states the reason for forming a trust, its functions, to its working, and until its closure. Following are the important clauses in the Trust Deed: