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Wail search comm legal is now simple this video focuses on trust registration what is a trust people create trust for different reasons a trust is a relationship whereby property is held by one party for the benefit of another a charitable trust is an irreversible trust established for charitable purposes trust deed is a document used to set up a trust what are the different types of trust there are two kinds of trust available in India private trust and public or charitable trust private trust is created for the benefit of one or more than certainly will benefit Sherri's and not for the promotion of the welfare of the public or for the Advancement of a cause example Mr. Ravi who wants to use his house rental income to pay for the education of his nephew Raj to do that he should set up a trust public or charitable trust is created for the promotion of public welfare and not for the benefit of one or more individuals it may or may not be a charitable trust for example Mr. Nam has set up an educational trust charm I do trust in the name of his late father to help poor children with scholarships for continuing their education when thus the trust need to be registered usually it is not mandatory to register a trust but in certain cases it will be an obligation to register a trust if you are involving your property house or building in the trust it needs to be registered additionally if you want any person donating money to the trust to get our tax exemption you need to have the tax registered a section a PG exemption is possible if a person donates any money or property to your trust it can be deducted from their taxable income what are the rights of the trustee the rights of a trustee are usually as follows to manage and coordinate the activities of the trust to ensure that the property which belongs to the trust is properly managed to see that the beneficiaries are looked after additional responsibilities may be mentioned in the trustee now let's move on to how to register a trust with wail sir step one our team will collect all the basic information such as the name of the trust name address date of birth of the trustee objectives and activities of the trust step 2 the lawyers will assist draft a trust deed within three to five working days approximately step three a date for registration will be finalized by our team and shared with you, you would need to be present in the registration office in person with requested ID proof address proof and two witnesses step four on completion of all the mentioned procedures a certificate and related documents will be provided within fifteen to twenty days approximately once received the trust can be operated what are the important documents required from the customer ID proof of all the trustees address proof of all the trustees and rental agreement or property tax received for the registration purpose our professional charges for drafting the trustees will be rupees 2000 799 Plus service tax and rupees...
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