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Trust registration in India is the process of creating a legal entity. This legal entity is also known as a trust and is responsible for managing assets on behalf of another person or a company. The trust can be used for multiple purposes like real estate planning, asset protection, and much more.
A public trust is a purpose-driven and transparent entity that can be used to further the causes of a particular segment of the society. It has specific powers and duties that are conferred by the Income Tax Act, Public Trust Act of that state and The Indian Trusts Act, 1882 . While this enables it to operate on a larger platform than personal contributions, it does not involve any individual management or control as with a private trust.
Create a trust deed or agreement that mentions the terms of the trust.
Identify the trustee, who will be responsible for managing the trust assets and carrying out the terms of the trust.
Identify the beneficiaries.
File the necessary paperwork with the appropriate government agency.
Pay the registration fees.
Tax Exemptions: By opting for trust registration in India, you can enjoy tax exemption under the Income Tax Act 1961. The trust will no longer have to pay taxes on income generated from its activities. This can help you to save a significant amount of money.
Helping Individuals: Trusts offer help to individuals who are in need. By registering a trust, you will be providing a legal structure to support you. This can help you to benefit different sections of society. A trust can also engage in different kinds of charitable causes.
Simple Integration: A registered trust can be integrated into different initiatives and government schemes. This can help the trust in receiving government subsidies and grants. The registration can also help to increase the credibility of the trust in multiple different ways.
Here are the major reasons why people prefer Trust:
Here’s everything you need to know:
A minimum of two trustees.
A trust deed.
A properly drafted trust deed on Proper Stamp Value
Registered office proof - (Rental Agreement or ownership document)
ID proof of the Founder of the Trust
NOC from the owner of the premises
Two witnesses
Step 1: Select a unique name for your trust
Step 2: Form a Trust Deed
Step 3: Apply for Registration.
Step 4: Allot your trust PAN & TAN Number for TDS Purposes.
Seal it in with a Trust Deed
Bizpole offers a range of legal and financial services to businesses, including trust registration in India. We have years of experience in dealing with trust registration and compliance matters. We also have a team of experts who are well-versed in the legal and regulatory requirements for trust registration and can guide you through the entire process. We also offer our services to a GST company in India.
The cost of registering a trust in India can vary depending on the state in which the trust is being registered and the legal fees involved.
A trust can be run without registration, but there are certain limitations.
Once registered, a trust continues to be valid until it is dissolved.
Yes, a single person can form a trust, but there must be at least two trustees for the trust to be valid.
Anyone who wishes to form a trust and avail of its benefits, such as tax exemptions and protection of assets, should consider registering a trust.
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