Trust Registration in Bangalore
To get Trust Registration in Bangalore at a feasible and cost effective manner, Smartcorp is the best choice. Smartcorp is ready to serve in White Field, Bannerghatta, Bellandur, Madiwala and in Yelahanka. Setting up a trust could be an excellent idea for someone who wishes to carry out charitable activities with tax benefits. The constraints for establishing such a firm is considerably low as compared to other registrations.
A Trust Registration in Karnataka can be formed by 2 or more people for a social cause and it is used to promote the educational and economical status of the public. Whatever profit or surplus that they earn from economic activities are reinvested or spent on appropriate nonprofit activities.
The Indian Trusts Act 1882 manages the incorporation and operation of private trusts. Public trusts (charitable and religious) must adhere to the applicable rules prescribed by the state legislation pursuant to which they are set up in addition to the Charitable and Religious Trusts Act 1920, the Religious Endowments Act 1863 and the Charitable Endowments Act 1890. A Trust Registration in Bangalore is free from paying income tax on its additional income if they have the 12A certificate from the Income Tax Department.
Documents required for Trust Registration in Bangalore
- Identity proofs like Passport, Voter ID, Driving license
- Copy of the utility bills.
- Copy of the property registration
- Trust deed
- NOC from the land owner- if the land is on rent
Parties Involved in Trust Formatione
Settler : A person who forms the trust with a certain asset which belongs to the owner. Settler is otherwise known as Trustor or Grantor.
Trustee: A Trustee holds the assets for profit of the Beneficiary. The complete charge of the trust assets is maintained by the trustee who is under a legal obligation to maintain the trust property in the best possible way for the benefit of the beneficiaries. The Trustee is legally protected from using the trust asset for own usage.
Beneficiary: The Beneficiary is the third party who avails the benefit of the trust property.The Beneficiary or beneficiaries may be either named in the trust deed or may be a sufficiently defined group of persons .
What are the objectives of the trust in general?
- According to Section 4, all motives are said to be legitimate except:
- Law is prohibited by law
- Law beats the provisions of the law
- There is fraud
- Another injures other person or his property
- Unethical or contrary to public policy