Trust
- HOW IT IS GOVERNED
Covered by Indian Trust Act, 1882 - COMES UNDER WHOSE JURISDICTION
Deputy Registrar/Charity commissioner of the relevant area - WHAT MAIN DOCUMENT REQUIRED
Trust Deed - WHETHER STAMP DUTY IS CHARGED
Trust deed to be executed on non-judicial stamp paper, vary from state to state - MINIMUM MEMBERS REQUIRED
2 - MANAGED BY WHOM
Trustees or Board of Trustees - LEGAL TITLE HELD BY WHOM
Trustees holds legal title of property - CAN IT BE DISSOLVED
Generally Not - WHAT IF IT BECOMES INEFFECTIVE/DISSOLVED
If objects are not met, objects near to objects of trust will be added in deed - DOES ANNUAL RETURN TO BE FILED
Not required - ONLINE FACILITY AVAILABLE?
Not available - LEVEL OF DIFFICULTY OF COMPLIANCE AND TIME INVOLVED
Time-consuming and Difficult - TIME TAKEN FOR REGN.
10-15 working days - COST INVOLVED
Low - CAN 12A AND 80 G BE TAKEN
Yes - WHETHER PREFERRED FOR GOVT. SUBSIDY/GRANT
Low preference - WHETHER PREFERRED FOR FCRA REGN.
Low preference - TRANSPARENCY IN WORK
Less - DIFFICULTY IN CHANGING TRUSTEES OR BOARD
Easy - DIFFICULTY IN CHANGING REGISTERED OFFICE
Difficult - Procedure of Registration of Trust
Normally, trust is registered with the Registrar/sub-registrar office. Minimum 2 members are required for registering Trust. Both members can be family members. The settlor or founder of trust can also be managing trustee. Settler has to compulsorily to be present before registrar whereas no need for trustee for mandatorily present.
Documents required for Registration of Trust
- Copy of trust deed in duplicate, one original one photocopy
- 3 Photographs of settler and all trustee
- Proof of ownership of property where business will be carried on
- Declaration on Rs 10 stamp paper either by owner or by settler if he is owner that he is owner of property and no objection in using such property for purpose of trust.
- Trust Deed has to be executed on non-judicial stamp paper. For trust deed- stamp duty is 3% of capital. For registration 2 witnessesare required with original ID and Address proof.