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Trust or Society

Vishal (Accountant) (36 Points)

19 March 2008

I would like to know details about how to start a Private Trust (intention is to target a particular section of community) & how to start a society ?

Can anyone let me know what are the procedural aspects ? Also, please let me know the tax incidence & impact on the above forms of organisation.

Thanks,

Vishal

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Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 19 March 2008

Section 11 not to apply in certain cases. (1) Nothing contained in section 11 [or section 12] shall operate so as to exclude from the total income of the previous year of the person in receipt thereof— (a) any part of the income from the property held under a trust for private religious purposes which does not enure for the benefit of the public; (b) in the case of a trust for charitable purposes or a charitable institution created or established after the commencement of this Act, any income thereof if the trust or institution is created or established for the benefit of any particular religious community or caste;