Dissolution of trust deed

This query is : Resolved 
 


Querist : Anonymous (Querist)
15 March 2019

When there is a clause in trust deed, at the time of dissolution,the assets remaining as on the date of dissolution shall under no circumstance be distributed among trustees but the same shall be transferred to some other similar trust, in this case what kind of dissolution deed is required?
what are the clauses.
Also please tell me whether ITR for last 3 fy is mandatory?


kavksatyanarayana (Expert)
15 March 2019

The trustees/members of the both Trusts shall convene a meeting. Regarding transfer old trust, to dissolve and to transfer of the assets of the trust to a similar trust, and like that new trust which is going to take over the assets of the old trust as per IT Act. And to transfer the assets the old trust shall transfer the assets through a conveyance deed and it may be registered. so consult a local CA

Dr J C Vashista (Expert)
16 March 2019

Proceed as covenanted in the Trust Deed and law applicable.



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