Trust registration is the complete process of legalizing a trust deed from the registrar of the particular jurisdiction. The trust serves as a legal medium that is liable for the lawful distribution of the trustee’s assets among the beneficiaries. The Indian Trust Act 1882 governs the registered trusts in India and offers legal provisions.
Vital Details on Trust Registration in India:
Some vital details on the trust registration process have been listed below:
- Trustees: Trustees are the individuals who accept the confidence for forming a trust in India. The trustees hold legal title to the trust property. They make sure that the conditions associated with the trust are met.
- Beneficiaries: The beneficiaries benefit from the trust in the long run. When the time arrives, the beneficiaries will ultimately acquire the income, assets and other benefits mentioned in the trust deed
- Trust Deed Contents: The trust deed is a legal document containing the trust terms and conditions. The trust deed includes various details of the trust, like the trust properties, beneficiaries, powers of the trustees, and various other details.
A Complete Guideline on How to Form a Trust in India
Here is a complete guideline on the procedure for registration of trust:
- Determine the Purpose and Objectives of the Trust: Before registering the trust, determine the trust’s purpose and objective. Without having a clear idea of the purpose and objective, it would not be possible for you to register the trust.
- Select Suitable Trustees for the Trust: Next, you need to select the suitable trustees for the trust. This requires to be done with proper research and understanding of the trust.
- Create a Trust Deed Outlining the Terms and Conditions: The next step would be to create the trust deed. Ensure the trust deed has all the terms and conditions mentioned in it.
- Get the Trust Deed Notarized or Registered with the Appropriate Authority: Once the trust deed is prepared, you must get it notarised with the appropriate authority.
- Fulfill Any Additional Requirements for Specific Types of Charitable or Religious Trusts (if applicable): Different trusts have different trust registration requirements. So, you need to keep that under consideration as well while registering your trust.
- Apply for Tax Exemption under Section 12A and Section 80G (if applicable): Certain trusts are applicable for tax exemption under Section 12A and Section 80G. If this is the case for your trust, then don’t forget to apply for tax exemption.
Benefits of Trust Registration in India
There are multiple benefits associated with trust registration online. Let us have a quick look at what those benefits are:
- Asset protection: Trust registration protects all your assets from risks like lawsuits, creditors’ claims, etc. This gives you the desired peace in life.
- Tax benefits: Trusts are non-profit entities subject to various tax exemptions under the Income Tax Act.
- Privacy and confidentiality: Registering a trust offers you a certain level of confidentiality, as trusts are not required to disclose beneficiaries publicly.
Why approach Bizpole for obtaining Trust registration?
Bizpole is a one-stop destination for trust registration in India. The experts at Bizpole are well aware of the different rules and regulations associated with trust registration, and they will take all the necessary measures to ensure that the entire job gets done smoothly and effectively.
Bizpole has an excellent reputation in the industry for tax registration services. The timely and efficient processing of trust registration offered by Bizpole helps you save time and offers you the desired peace of mind. The services are also offered at affordable prices.
