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In India, Indian Trust Act 1882 provides two type of trust

1. Private Trust

2. Public Trust

Members of trust : Minimum two trustees and Maximum number of trustees is no limit

The trust deed should have provision concerning the management of the trust along with the procedure of appointing or removing the members.

Public Trust

It is a trust whose beneficiaries include the public at large. Further, a Public Trust can be further subdivided into Public Charitable Trust and Public Religious Trust.

Private Trust

A private Trust is the one whose beneficiaries include families or individuals. Further, a Private Trust can be subdivided into:

Private Trusts whose beneficiaries and their requisite shares both can be determined
The Private Trusts whose both or either the beneficiaries and their requisite shares cannot be determined
12A and 80G Certificates

Exemption of Income Tax

A Trust or an NGO can acquire 12A certificate from the Income Tax Department. After Trust acquiring such a certificate is exempted to pay income tax for the entire lifetime on its surplus income.
NGO must be applying to 80G certificate. This certificate allows donors, to avail deduction.

Legislation Pertaining to Trust

Further, a Trust can receive funds and projects much like a Society. However, its quite challenging to get funds or projects immediately after a Trust gets registered.

Registration Process for Trust

Choose a Name for the Trust
Note : The name so suggested should not come under the restricted list of names as per the provisions of the Emblems and Names Act, 1950.
Decide the Settlers or Authors and Trustees of the Trust
Trustee : Minimum of two trustees, Maximum number of trustees is no limit
Draft a Trust Deed - The trust deed is the most important instrument in a trust; it prescribes the main objectives for which the trust is set up. Apart from the main objects of the trust, it defines its beneficiary and the powers of the trustee. The deed is signed in presence of two witnesses.
Submitting the Trust Deed with the registrar, the registrar retains the photocopy and returns the original registered copy of the Trust Deed.
Obtain the Registration Certificate

Required Documetns

Prepare Trust Deed on a Stamp Paper : The valuation of stamp paper is of a certain percentage of the total value of the Trust’s property. Further, this percentage varies from state to state.
Proof of identity of the settler i.e. Aadhaar, Passport, Voter ID, Driving License etc
Self attested copy of the proof of identity of each trustee (Aadhaar card, passport, voter ID, driving license or any such photo ID)
PAN card
Proof of the registered office address of the Trust (electricity/water bill or registration certificate)
Non Objection letter signed by the landlord/owner

Once you submit the papers, you can collect a certified copy of the Trust Deed within one week’s time from the registrar’s office.

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