Trust Registration in Bangalore
Trust registration in Bangalore is done based upon the relationship between two parties. The two parties are trustor and the trustee. We Smartauditor is in the frontline to assist in registration services and our prestigious firm has now extended in various places like Kanakapura, Mysore, Tumkur, Rajaji nagar and Indira nagar. The trust is created so as to provide protection legally for the assets. There are two kinds of Trusts-Private trust and the Public trust. For creating the trust, one must be above eighteen years of age and mentally sound and the person must be able to contract according to the section 11 of Indian contract act, 1872.
Minimum two trustees are needed to create the trust and there is no limit for maximum number of trustees. The settlor must be the Indian citizen and should not be the trustee. The trust can be exempted from paying tax if it acquires 12 A certificate from the income tax department. Trust registration in Bangalore is done based upon the trust deed and the trust can be created for both types of properties like movable and immovable properties. Usually the trust is known to function for religious purposes also for the charitable purposes.
But it takes part in academic and sports activities also. The trust also involves in organizing the workshops and meetings to expose the corruption. The family members can also take part in the trust activities and the Board of management comprises the trustees. In India, different trusts have different trust act, which governs the trust in the state. In the absence of trust act in any particular state, Indian Trust Act 1882 is applied. Trust registration in Bangalore is done as per the act and the trust deed may be shaped to be registered with a stamp duty paper.The donations received are also exempted from the tax and hence the donors require 80G certificate.
Documents Required for the Trust registration
- Identity proofs likeVoter ID, Passport, Driving license
- Copy of the utility bills
- Copy of the property registration
- Trust deed
- NOC from the landlord if the land is on rent
- Proposed Rules and regulations of the trust
- Settler and trustee’s Passport size photograph
Benefits of Trust registration
The trust registration in Bangalore has various benefits. They are
- Trust involves in charitable activities
- Always paves smooth way for the downtrodden in the society
- It has tax benefits
- The procedure is very easy
- Foreign contribution is allowed.