A trust is an agreement between trustees to manage property over which they have control either to benefit of beneficiaries or for charitable purposes. A groups of trustees may be incorporated as a board under the Charitable Trusts Act 1957 if the objects are charitable.
The statutory declaration states whether any Trustees hold any property as trustees for other trusts, that at a meeting of the Trust a resolution was passed approving incorporation and that the person making the Declaration has been approved by the Trustees to make it.
Who is Trustee?
A trustee is a third party charged with taking care of the property owned by a living trust. In fact, legal title, meaning paper title, to the property in the living trust is actually held in the name of the trustee, subject to the terms of the living trust, for long as the property is in the living trust. The trustee takes care of all the administrative tasks relating to the trust, including preparing and filing all the required trust paperwork such as tax documents, conveyance documents and distributions to the beneficiary.
What are the benefit of Trust?
1. Once Regd under Trust act, can use the word “Govt. Regd.” or ‘Regd’ 2. For opening School / Trust 3. For Computer Education where certificate is to be given 4. Income Tax Benefit 5. Recognition/Affiliation from any University / Organization 6. Grant from Govt. 7. Land from Govt. 8. 80G certificate benefit under Income Tax Act 9. Expenditure made on Registration of Trust is an Investment 10. Benefits in Entertainment Tax
Verification of Documents
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