Trust Reg.
Description
What is Trust Reg. ?
A trust is created by the execution of a trust deed and there are mainly two types of trust. A public trust which is also known as charitable trust is made for the benefit of the general public, while a private trust is made for the benefit of a particular group of individuals called a beneficiary.
Trust acts as a way of contributing to the requirements of the disadvantaged. Usually, people think that trusts are only created by the top sector of society but this is not true as trust can be created by ordinary men as well as women.
The provisions of the Indian Trust Act, 1882, oversees only private trusts. While public trusts are mainly administered by state-specific legislation. You need to know that the Indian Trust Act is not applicable in Jammu and Kashmir as well as Andaman and Nicobar Islands.
Parties involved in trust formation
Settler
A settler is a person who makes the Trust by placing a certain asset that he/she is going to own in the trust. The settler is also called a grantor and trustor.
Trustee
A trustee holds the resources for the profit of the recipient and is under a legal responsibility to ensure that the trust property is in the best possible manner for the advantage of the beneficiaries.
Beneficiary
The beneficiary is a third party who relishes all the benefits of the trust property which is held as well as managed by the trustee.
Documents needed for trust registration
Always remember that documentation plays a very important role in the registration of a trust.
Documentation of the trust & trustee
- Trust deed on proper stamp value
- Two photographs of partners
- PAN card of each partner
- Identity proof of each partner
- Address proof of the partner
- Signed declarations from partners
Documentation for the trust registered address
- Proof of registered office
- Latest utility bill
- NOC of the premise owner
The registration process of Trust
- Selection of name
- Drafting of deed
- Trust registration
- PAN, TAN, and Bank A/C
Benefits of trust registration
- Advantage on service tax or income tax
- Trusts which is registered under the Trust Act make use of government registered name
- White money for the construction of the building
- The easy and hassle-free registration processNote:- Fee Plus Government Charges addon & as per actual
Therefore, you can take the help of BusinessBadhega.com which is the best place to get your Trust registration is done online in a short time.