BUILD ON AMBITION - DELEVERING ON BELIEF
Overview
According to Section 3 of Indian trust Act,1882, trust is defined as an obligations annexed to the ownership of the property, arising out of confidence reposed in, accepted by the owner, or declared and accepted by him, for the benefits of another or of another and the owner.
Type of Trust :- The trust has been broadly classified as
1. Public Trust: The trust which is created for the benefits of public at large or where the beneficiary is incapable of ascertainment is known as public trust. These trusts are essentially governed by charitable and religious trust act,1920, the religious endowments act, 1963, the societies registration act,1860, etc. But not governed by Indian trust Act, 1882.
2. Private trust: The trust created for the benefits of one or more individuals that can be particularly ascertained. These trusts are accustomed to act as per the provision of Indian trust Act, 1882.
Required Documents
Nature and Object of Trust
Name of the Trust
Details of Trustees & Settlor
2 Passport size Photograph of each trustees & settlor
Aadhar card & PAN card copy of trustee & settlor
Address proof
Frequently Asked Question
As defined in Section 3 of the Indian Trusts Act, 1882, a Trust is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him for the benefit of another, or of another and the owner. Public Trust as per Section 2 (13) B.P.T. Act, 1950 means an express or constructive trust for either a public religious or charitable purpose or both and includes a temple, a math, a wakf, church, synagogue, agiary or other place of public religious worship, a dharmada or any other religious or charitable endowment and a society formed either for a religious or charitable purpose or for both and registered under the Societies Registration Act, 1860. For the creation of a valid Trust, it is necessary that the author of the Trust must indicate with reasonable certainty :
a) intention to create the Trust,
b) the purpose of the Trust,
c) the beneficiary
d) the trust property.
Trust ones registered gets a legal entity and is governed by provisions of B.P.T.Act, 1950. The entire supervision and control of the registered trust is with the Deputy or Asstt. Charity Commissioner of that region being the custodian of trust. The income and expenditure of the trust is properly regulated with annual audit from competent authority.
In view of definition of Public Trust under section 2 (13), public trust includes society formed either for a religious or charitable purpose or for both and registered under the Societies Registration Act, 1860. All societies registered under the S.R. Act, 1860 are converted into public trust under B.P.T.Act, 1950 after necessary inquiry and following the procedure under B.P.T.Rules, 1951.
Every trust is administered by its own trust deed, rules and regulation or scheme. There is prescribed qualification for becoming a trustee in the constitution of each trust. If a person qualifies the eligibility, then he can become trustee of that trust. The mode of appointment of trustee is also prescribed in the constitution. Therefore, any person willing to become a trustee must be aware of the constitution of trust, eligibility for becoming a trustee and the mode of appointment.