Trust is defined in Section 3 of the Trust Act, 1882 as 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. In simple words, it is a transfer of property by the owner to anther for the benefit of a third person along with or without himself or a declaration by the owner, to hold the property not for himself but for another or for himself and another.
STEP - 1
A trust document needs to be drafted. Such document contains all the information about the trust and is printed on non-judicial stamp paper with a value of Rs. 100. The trustees and witnesses must sign this document in the presence of a notary.
STEP - 2
The document must contain the names and addresses of all the trustees, the minimum and maximum number of trustees, its objectives, and rules and regulations.
STEP - 3
The owner of the property where the trust office will be located must provide a no-objection certificate.
Properly filled Form 10G
Copy of PAN Card of Trust
Copy of utilities bill NOC from landlord
Books of accounts for past three years
Copy of Trust Deed
Evidence of Welfare Activities/Progress Report
No, you can start a NGO in rented property as well. You need to get a No Objection certificate (NOC) from the owner of the rented property.
Yes, a government employee can become a trustee in an Indian Trust.
There is no explicit restriction on an NRI becoming a trustee in Indian Trust
Trust Deed is a legal document written in legal lingo and style. It is better to find a good advocate and tell him all objectives of your social work. An advocate will help you in drafting your trust deed. You must read and understand the trust deed thoroughly before getting it registered.
I would suggets better to take services of a good lawyer instead of a Chartered Accountant. This is because trust deed ia a legal documentand therefore an advocate is better suited to prepare it.
Yes, if you have received 80G/ 12A exemption certificates from the Income Tax Department, you have to get your accounts audited by a qualified CA every year. You also need to file Income Tax Returns Every year (ITR).