Trust Registration is done in India by the Trust Act, 1882. A Trust is created for the beneficial interest of the Beneficiary. We can broadly classify trusts into two categories on this basis:
Where the Trust is created for the benefit of a specified person or class of persons, it is known as a Private Trust. On the contrary, where the Trust Property is administered for the benefit/enjoyment of general public or a fluctuating class of persons and not just limited to a selective group, it is known as a Public Trust. As such, a Private Trust need not be charitable or religious in nature as opposed to a Public Trust.
Minimum and maximum members of a Trust
Following self-attested documents of the members is required:
Income of a charitable and religious trust is exempt from tax subject to certain conditions. The exemptions are provided to the trusts under various provisions, inter-alia, Section 10, Section 11, etc. Some of the exemptions allowed to a trust are as under: