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What is trust?
It is an obligation invaded to the property’s ownership and coming out of a confidence lied in and received by the owner, stated and received by him, for the profit of an owner or another person. In short and simple terms, trust means the responsibility given to a trustee to protect the beneficiary’s interest.
Trust is of two types:
1. Private trust
It is established by a gift or a will for one or more than one people for private purpose. This trust is governed by the Indian Trust Act, 1882.
2. Public trust
It is created to cater the area concern public value. It is generally given for property especially those dealing in buildings and land, and an NGO form which has to be registered by the Charity Commissioner Officer.
It is a membership association of seven or more people that may be registered for scientific, charitable, and literary purpose declared under the S’20 of Society Registration Act, 1860. The candidate must register it with the State Registrar of Societies having jurisdiction to be eligible to apply for tax-exempt status.
Society and trust registration are implemented under the different rules in India, required many documents, conditions, and process. But it can be easy and hassle-free with the assistance of SMA Corporate Consultant. We work hard to meet the requirements of client and provide the beneficiary services whenever required.