Following up on "you are at Liberty to form a new trust with new trustees and settlor and beneficiaries"
In which case, would like to do this. Please advise how I can do this from USA. We have a trust deed document prepared. Like to know if this document MUST be written on a stamp paper (of what value), if so. How would I do this from here. Or can I create the trust deed document here and have it notarized and take this to the income tax office for registration. Will you be able to assist in this and also the subsequent process to get the PANCARD.
India does not have a national level law to govern charitable trusts. However, a few of the states have enacted Public Charitable Trusts Act (Like Bombay Public Trusts Act, 1950). Thus the stamp duty and the stamp paper value may differ from one state another, this you may clarify from the local registrar's office.
An elaborate details about registering the trust deed and the requirements to be complied is given once again as given below:
1. Before you register your trust you will need to decide the following:
a) Name of the trust
b) Address of the trust
c) Objects of the trust(charitable or Religious)
d) One settler of the trust
e) Two trustees of the trust
f) Property of the trust-movable or immovable property (normally a small amount of cash/cheque is given to be the initial property of the trust, in order to save on the stamp duty).
2. Prepare a Trust Deed on stamp paper of the requisite value (8% of the
value of property of the trust in Delhi. The rate varies from state to state)
3. Requirement for registration of Trust Deed with the Local Registrar under
the Indian Trusts Act, 1882:
a) Trust Deed on stamp paper of requisite value (as stated on point no.2 above)
b) One passport size photograph & copy of the proof of identity of the settler
c) One passport size photograph & copy of the proof of identity of each of the two trustees.
d) One passport size photograph & copy of the proof of identity of each of the two witnesses.
e) Signature of settler on all the pages of the Trust Deed
f) Witness by two persons on the Trust Deed.
4. Go to the local registrar & submit the Trust Deed, along with one
Photocopy, for registration. The photocopy of the Deed should also
contain the signature of settler on all the pages. At the time of registration,
the settler & two witnesses are required to be personally present,
alongwith their identity proof in the original.
5. The Registrar retains the photocopy & returns the original registered copy
of the Trust Deed.