Trust Registration in Assam

Trust Registration in Assam - An Overview

Trust registration in Assam follows guidelines outlined in the Indian Trusts Act of 1882. To establish trust in Assam, a formal process of registration must be undertaken. The first step involves drafting a trust deed. It outlines the trust's objectives, beneficiaries, trustees, and operational details. Once the trust deed is prepared, it must be signed by the settlor and trustees in the presence of witnesses. Subsequently, the deed can be submitted to the local Sub-Registrar office for registration. The registration process ensures the legal validity of the trust. It provides a distinct legal identity. This registration process aims to ensure transparency and adherence to the legal framework.

Benefits of Trust Registration in Assam

• Legal Recognition

  By registering a trust in Assam, the trust gains legal recognition as a separate legal entity. It becomes a distinct organisation with its own legal rights and obligations. This enhances its credibility and authenticity.

• Trustee Protection

  Registration provides protection to the trustees by limiting their personal liability. As a registered entity, the trust is responsible for its debts and obligations. It minimises the personal liability of individual trustees.

• Tax Exemptions

  Registered trusts in Assam can avail themselves of various tax benefits and exemptions. The tax exemptions are provided under Section 12A and 80G of the Income Tax Act, 1961. These exemptions can attract donors and help in fundraising activities.

• Perpetual Existence

  A registered trust enjoys perpetual existence. It means that it can continue its activities even in the event of the death or resignation of its trustees. The trust's activities and objectives can be carried forward seamlessly. It ensures the continuity of its social initiatives.

Documents Required for Trust Registration in Assam

The following documents are required for Trust registration in Assam:

• Trust deed
• Proof of identity and address of the trustee
• Proof of address of the trust
• Bank account details of the trust
• A copy of the PAN card of the trust
• Process of trust registration in Arunachal Pradesh

Eligibility Criteria for Trust Registration in Assam

• Seeking a competent and willing individual or entity for property transfer
• Minimum requirement of two individuals or corporate entities
• Activities must be lawful
• The trust should function within charitable, religious, educational, or social welfare domains
• Operation should be non-profit, utilising income and property solely for stated objectives
• Execution of a trust deed to define objectives, rules, and regulations
• Necessary to obtain relevant authority, submit documents, and pay fees
• Adherence to rules, regulations, and reporting obligations is expected.

Checklist for Trust Registration in Assam

• Identify a competent settlor willing to transfer property
• Appoint a minimum of two trustees, individuals or corporate entities
• Determine lawful objectives falling under charitable, religious, educational, or social welfare activities
• Prepare a trust deed clearly defining objectives, rules, and regulations
• Execute the trust deed with proper signatures and witnesses
• Prepare the application for trust registration with required details
• Gather necessary documents, including identity proofs, address proofs, and property details
• Arrange for the payment of the registration fee
• Submit the application and supporting documents to the Registrar of Trusts
• Ensure compliance with all applicable rules and regulations.

Process for Trust Registration in Assam

The process of trust registration in Assam is as follows:

• Step 1: Consultation and Document Collection

  Get expert consultation to understand your requirements. Avail help in choosing a unique trust name and the details of the trust you want to register. Submit the required documents for registration.

• Step 2: Trust Deed Drafting

  Vakilsearch's legal experts would draft the trust deed according to your specifications. We ensure it complies with the Indian Trusts Act and relevant state laws. We will tailor the trust deed to reflect your intentions and objectives.

• Step 3: Submit the Application

  With the trust deed and documents in hand, our team will file for registration. We make sure that all the information is accurate

• Step 4: Follow-Up and Verification

  Our team will address any queries or requirements arising during the process.

• Step 5: Registration and Documentation

  Post approval you will get a registration certificate from the Sub-Registrar's office. On request, we might also assist you in obtaining a PAN and open a bank account for the trust

Why Vakilsearch?

Our team of legal professionals provide expertise in trust registration and related documentation. We ensure accuracy and compliance with legal requirements. Timely updates on changing regulations, customer support, and assistance with drafting trust deeds could reduce the administrative burden associated with trust registration. Our legal professionals make sure to ensure adherence to the specific legal procedures of trust registration in Assam.