Serve Humanity By Forming A Charitable Trust

Life has become so busy for all even it may be in India or any place all over the world in concern of social work

. People are running for money and we also dont have time to think about anyone else. But few people think differently and decided to do something unique for others from their busy life. Today, people want to set up charitable trust with the purpose of getting involved into charitable activities. There is a saying It is always better to give than to receive. Yes, it is true in almost all cases and one of these is through entering in charitable trusts. You will not only help your favorite charity but you will also gain something good from your good deed.

Why choose to set up charitable trusts?

Special privileges

The most suitable reasons for which people set up charitable trust are to avail tax absolution. Such charitable trusts are non-profit organisations. Therefore, to avail all these benefits, the charitable trust should have a legal entity. Such legal entities are discussed by means of Charitable Trust Registration, a process laid down under the Trust Act and the Federal laws.

Follow of the Cy Pres doctrine approach

"Cy Pres" is a French phrase meaning "as close as possible." This concept or belief is also applied on charitable trusts. This happens when the private trust failed and its failure resulted to creation of trust for the state of the pioneer or himself. The properly will then be given to a charitable purpose as close as possible to the private trust.

Trust Registration Procedure

For charitable registration, you need to complete certain formalities. If an online facility for charitable registration is available in your area then you may collect all the required documents and apply online registration. But if such a facility is not provided by your area you may have to go personally and submit registration form. Some important conditions that you have to fulfill for charitable registration are discussed below:

There should be at least two trustees to register a charitable organization. Number may be increased further as there is no upper limit.

You have to prepare a trust deed or Memorandum of Association stating the aims and objectives of your trust.

Your aims and objectives should completely be in favour of helping needy and for the cause of refinement of the society and should not involve any political or religious activity.

After registration, a charitable organization have to follow all the rules and regulations of the act while giving official receipts of donations. From time to time a registered charitable organization has to update their address, names of directors, objectives and structures.

by: sharry verma

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