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Trust Registration

A trust can be created by execution of a trust deed; there are two types of trust. A public trust (charitable trust) is created for the benefit of general public whereas a private trust is created for the benefit of a particular group of individuals known as the beneficiary.

TRUST REGISTRATION PROCEDURE IN BRIEF

The first step to register a trust starts with the drafting of a trust deed. The trust deed is to be executed on appropriate non-judicial stamp paper, the rate of stamp duty differs from state to state. The next step is to seek an appointment with the sub-registrar office having jurisdiction based on the registered office of the trust, and the government registration fee is to be paid after that. On the appointed date the trust deed is presented before the sub-registrar where all trustees need to be present along with two witnesses. The registration process is then undertaken at by the office of the sub-registrar, and the registered deed can be collected after a week time. The purpose for which a public trust can be created is for the benefit of general public, and the same must be clearly prescribed in the trust deed, as it guides its functioning in the course of time. Generally a public trust is created for setting up a school, colleges, other educational initiatives, hospital, old age homes, orphanage, for promotion of child health and their empowerment, welfare of weaker section of society, and for fulfillment of Corporate Social Responsibilities (CSR) by companies under section 135 of the Companies Act, 2013.

IMPORTANT POINTS ON TRUST REGISTRATION IN INDIA

Private Vs Public Trust

Indian Trusts Act, 1882 regulates and administers the private trusts in India, whereas the public trusts direct the functioning of public trusts except in the state of Maharashtra and Gujarat where public trusts are governed by Bombay Public Trusts Act, 1950.

Trust Deed

In public charitable trusts, the most important instrument is the trust deed, and it is important that aims and objectives of the trust should be specified in the trust deed. Both the settlor and trustee should sign the trust deed in the existence of two witnesses.

Number of Trustee

There is no upper limit for the trustees, but minimum two trustees are always required for registration. The trust deed should have provision concerning the management of the trust along with the procedure of appointing or removing the members.

Tax Benefit

Privileges and tax benefits are not available to the private trusts, whereas public trusts after registration with the income tax can avail tax exemptions. We are experienced in obtaining necessary tax registration for tax exemption or benefit.

REQUIREMENTS FOR TRUST REGISTRATION IN INDIA

Trust Deed which is signed by settlor and trustee in the presence of two witness
The trustee can be any person that is an individual or body corporate which is capable of holding property and competent to enter into a valid contract.
It is mandatory to register the trust deed if it is a charitable or religious trust or about an immovable property.
For the purpose of registration, settlor or trustees and at least two witnesses must be physically present at the office of sub-registrar.
The trust can be registered only in the state in which its registered office shall be situated. However, it can operate on all India basis.