Religious family trust
6 months ago
I want to register a trust to manage 'Debuttor' properties in the name of gods and godesses in West Bengal. Is it compulsory to include all the names of sevaits as trustees? Does the registration stamp duty of such a trust depend on the valuation of property?
A.Dear Sir,
You may please contact local advocate who is expert in the above subject matter and also expert in stamp duty of the State Government.
You may please contact local advocate who is expert in the above subject matter and also expert in stamp duty of the State Government.
Helpful
Helpful
Share
A.Dear Client,
The provisions of the Indian Trust Act, 1882 govern only Private Trusts, and Public Charitable Trusts are usually governed by state-specific legislation. A public trust is created for a large group, i.e. the public at large. Eg: Non-Profit NGO’s Charitable Institutions for the general public. A minimum of two trustees are required to form a trust. No restriction is imposed on the maximum number of trustees or beneficiaries. However, all trustees should be over 18 years of age with valid ID proofs. A private trust is established for the benefit of the beneficiary, a specific group of people. Those trustees who are very religious and are dedicated to gods and are spending a heavy amount for Seva Puja and worship of family gods create trusts for their family gods so that they can gradually create a good fund for future worship of such gods and the expenses incurred for the seva puja of family gods can be properly accounted for. There is no control of the income tax department as regards investment, spending of income or registration of such trusts as in the case of Charitable Trust. The Stamp Duty and registration charge for the registration of a Deed of Trust by the Registrar under the Registration Act depends on two factors, If the trust is formed with a corpus fund initially donated by the Author or founder trustee, then the value of the corpus fund is considered for charging stamp duty and in case the founder trustee donated an immovable property, then on the market value of the said property, stamp duty is charged for registration of Deed of Trust.
The provisions of the Indian Trust Act, 1882 govern only Private Trusts, and Public Charitable Trusts are usually governed by state-specific legislation. A public trust is created for a large group, i.e. the public at large. Eg: Non-Profit NGO’s Charitable Institutions for the general public. A minimum of two trustees are required to form a trust. No restriction is imposed on the maximum number of trustees or beneficiaries. However, all trustees should be over 18 years of age with valid ID proofs. A private trust is established for the benefit of the beneficiary, a specific group of people. Those trustees who are very religious and are dedicated to gods and are spending a heavy amount for Seva Puja and worship of family gods create trusts for their family gods so that they can gradually create a good fund for future worship of such gods and the expenses incurred for the seva puja of family gods can be properly accounted for. There is no control of the income tax department as regards investment, spending of income or registration of such trusts as in the case of Charitable Trust. The Stamp Duty and registration charge for the registration of a Deed of Trust by the Registrar under the Registration Act depends on two factors, If the trust is formed with a corpus fund initially donated by the Author or founder trustee, then the value of the corpus fund is considered for charging stamp duty and in case the founder trustee donated an immovable property, then on the market value of the said property, stamp duty is charged for registration of Deed of Trust.
Helpful
Helpful
Share
A.Dear
Trustees: It is not compulsory to include all the names of the sevaks (caretakers) as trustees. Typically, a trust deed will outline the roles and responsibilities of the trustees, and it is possible to appoint a managing trustee or a board of trustees to oversee the management of the Debutter properties.
Stamp Duty: The stamp duty for the registration of a trust is generally not dependent on the valuation of the property. Instead, the stamp duty is based on the value of the trust property mentioned in the trust deed or the declared value as per the state government's regulations for stamp duty on trust deeds.
It is crucial to ensure that the trust formation complies with all the relevant legal requirements and that the trust deed is drafted carefully, specifying the purpose and objectives of the trust, the management structure, and the roles and responsibilities of the trustees. Legal consultation will help ensure that the trust is established in accordance with the applicable laws and regulations in West Bengal.
Trustees: It is not compulsory to include all the names of the sevaks (caretakers) as trustees. Typically, a trust deed will outline the roles and responsibilities of the trustees, and it is possible to appoint a managing trustee or a board of trustees to oversee the management of the Debutter properties.
Stamp Duty: The stamp duty for the registration of a trust is generally not dependent on the valuation of the property. Instead, the stamp duty is based on the value of the trust property mentioned in the trust deed or the declared value as per the state government's regulations for stamp duty on trust deeds.
It is crucial to ensure that the trust formation complies with all the relevant legal requirements and that the trust deed is drafted carefully, specifying the purpose and objectives of the trust, the management structure, and the roles and responsibilities of the trustees. Legal consultation will help ensure that the trust is established in accordance with the applicable laws and regulations in West Bengal.
Helpful
Helpful
Share
Read Related Answers
Stilt Parking purchase
Dear Sir,
Better to get registered sale deed in respect of such parking place and if possible take the consent of builder and/or consenting signatures of few other residents.
Indian Trust Act
Dear Client,
A trustee cannot delegate his office or any of his duties either to a co-trustee or to a stranger, unless (a) the instrument of trust so provides, or (b) the delegation is in the regular...
Common space
Dear Client,
Any open space or open terrace in a multistoried building is considered a common area and a flat owner is not permitted or allowed to use or occupy it for his/her personal use. So, societ...
Roshni Welfare Association
Dear Client,
A Certificate of Registration once granted to a Housing Society or Association under the State-specific Act does not require renewal and it remains valid until it is dissolved either by a...
Sold car
Dear Sir,
If RTO records are not changed then cancel the registration in the name of subsequent purchaser.
Read Blogs on Trust and Society (NGO)
Trust and Society (NGO) Lawyers
Find Lawyers by Location
