Hi,
Can anyone please tell me what is the procedure for closure of a Trust in India?
2 Replies
Kolluru Krishna Murty
(Partner)
(315 Points)
Replied 15 March 2012
Briefly I would mention the procedure,but you may have to consult an expert:
1.Pass a resolution to close the trust justifying reasons so to do.
2.Decide about the surrender of the Investments to a trust carrying on similar activities.
3.Send a letter to the said trust informing your intention to give the funds.
4.Simultaneously apply to CIT of your jurisdiction requesting for permission to close the trust,if it is a trust recognized by CIT and also to the Registrar of Societies or similar authority of the State about your intentions and seek his permission.
5.On in-principal permission from CIT pass on the funds to the said trust.
6.After all these steps you have to formally get nod from CIT and Registrar.
kkm
Nishtha Narielwala
(Tax Consultant)
(131 Points)
Replied 15 March 2012
Thanks a lot for ur reply..!!
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