Trust (including 12AA & 80G)
Trust (including 12AA & 80G)
A trust is a legal arrangement in which one or more individuals (the trustees) hold and manage property or assets for the benefit of one or more beneficiaries. The trustees have a legal obligation to manage the trust property in accordance with the terms of the trust agreement and to act in the best interests of the beneficiaries.
12AA and 80G are sections of the Income Tax Act in India that provide for tax benefits for certain types of trusts. Section 12AA of the Income Tax Act provides for the recognition of a trust as a charitable trust, and Section 80G provides for tax benefits for charitable donations made to certain eligible trusts.
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