According to Indian Trust Act, a trust may be created for various purposes like Public Charitable Trust & Religious Trust. A Charitable Trust is one which has been created for the benefit of the public or of mankind. Charitable Trust may be created by a person who is of sound mind and no a minor. Any person who holds the property so dedicated shall hold it under trust and shall execute the purposes specified by the settler. The trust should get itself registered U/s.12A with the Commissioner of Income-tax within one year from the date on which the trust is created.
