639+ Lawyers are online 
To create a trust in the name of family on a land in another state
02-Aug-2023 (In Property Law)
We are from Mumbai, maharashtra. My uncle, a sufi Saint, wants to purchase a land in shahabad village of karnataka at the behest of his followers in that region. If after purchasing my uncle intends to create a trust in the name of his 4 family members with that land, we want to understand a few things: 1. Is it allowed to have a trust property in a state different from the one in which the trustees reside. 2. If yes then what are the legal implications they need to be aware of. 3. What status will this trust have, public or private? 4. Which of the two gets maximum tax benefits . kindly reply to my question at the earliest. Thank you. God bless
Hello,
You can purchase land on name of trust in any state if your trust's MOA have the clause. If the another state clause is not mention in trust's MOA, 1st you have to amend it with charity commissioner. And thenyou can proceed. It depends on you how you have registered your trust. Whether private or public. Tax benefit is maximum for public trust.
You can purchase land on name of trust in any state if your trust's MOA have the clause. If the another state clause is not mention in trust's MOA, 1st you have to amend it with charity commissioner. And thenyou can proceed. It depends on you how you have registered your trust. Whether private or public. Tax benefit is maximum for public trust.
Helpful?
23+
23+
Dear Sir,
1. yes it is allowed to have a trust property in different state
2. the records and yearly audit have to be kept where the trust office is created
3. since the members of trust are family members only then it will come under private trust
4. Public trust has more tax benefit as it is made for the welfare of people
1. yes it is allowed to have a trust property in different state
2. the records and yearly audit have to be kept where the trust office is created
3. since the members of trust are family members only then it will come under private trust
4. Public trust has more tax benefit as it is made for the welfare of people
Helpful?
10+
10+
Adv. Prerna Jain
Navi Mumbai | 100+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
