Private Discretionay Trust
sudhir
(Querist) 13 August 2010
This query is : Resolved
A Settlor wishes to settle property for the benefit of a named beneficiary by executing a deed of trust. Is it mandatory or obligatory that this trust is to be registered?
A V Vishal
(Expert) 13 August 2010
If the property is immovable then yes.
Manish Singh
(Expert) 13 August 2010
yes, Mr. Vishal is right.the same must be registered if it involves immovable property.
Chanchal Nag Chowdhury
(Expert) 13 August 2010
No-if the Trust is created by virtue of a Will, it need not be registered.
B.R. BHALLA, ADVOCATE
(Expert) 15 August 2010
Section 5 of the Indian Trust Act, 1882 makes a distinction between Immoveable and Moveable property. In the case of immoveable property, the trust has to be declared a) by a non-testamentary instrument in writing, signed and registered, or b) by a Will. In the case of moveable property, the trust may be declared either a) by a non-testamentary document or by Will or b) by mere transfer of ownership of the property without making any declaration or executing any document or Will.
sudhir
(Querist) 16 August 2010
Thank you Sirs.
As of now no immovable property is being settled and all contributions are in liquid.But it is proposed to accquire a immovable property going forward. Then would registration be a must? So would it be better if i register it now?
Thanking you all sincerely,
Testaor/Settlor/Author of Trust is from New Dlhi but situs of trust and registered off ice would be Chennai. What is process of registration?
