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A Trust is created by drafting and execution of a Trust Deed. There are two types of Trusts namely Public Trust and Private Trust. A public trust (widely known as Charitable Trust) is created for the benefit of general public whereas private trust is created for the benefit of a particular group of persons known as “beneficiary”.
How to register a Trust? (Trust Registration Process)
The procedure to register a Trust starts with drafting a Trust Deed. The Trust Deed is to be executed on appropriate non-judicial stamp paper. Amount of stamp papers vary from one state to other. The trust deed is to be presented to Registration registrar, where all trustees need to be present with two witnesses. All trustees and witnesses need to sign on trust deed and their details are taken in record in register of Registrar. When all formalities are fulfilled, the executed trust deed is given back to trustees and Trust is thus registered.
Trust deed contains bye laws of Trust. It contains, objectives of trust, details of trustees, office address of trust and trustees, details of properties of trust and power as well as responsibilities of trustees and board of trustees.
Number of trustees- Minimum number of trustees should be two.
Income Tax exemption benefits are not available to Private Trusts. Because Private Trusts are created for benefit of a particular group of persons and not for welfare of public. Whereas, these tax benefits are available to Public Trusts. A public trusts (charitable trust) can take exemption from payment of Income tax on its surplus income and it can also take 80G registration, giving tax exemptions to persons making donations to the trust.
Documents required for TRUST registration
- Copy of pan card of 3 trustees
- Copy of Aadhaar card of 3 trustees and one witness
- Copy of Electricity bill of office of trust
Validity of Trust (Life span of Trust)
Trust once created prevail or runs till the objective for which its created is not fulfilled or till the time for which its created. If nothing is mentioned about time and objective, trust will have unlimited life, it will not die unless and until its not closed by the procedure of laws.