India (IN)

Jurisdiction Overview

IDQuestionAnswer
206 *Is any formal registration required at all? NEITHER: Neither domestic law trusts nor foreign law trusts domestically managed have to register.
 Data Date: 2017

Notes

 
According to the Global Forum, except for private trusts holding immovable property, there is no registration requirement for private trusts, except with the tax authorities where the trusts have income above a certain threshold (INR 250 000 (around USD 4 000).(GF 2017: 51). While the relevant tax assessment form requires information on the names and addresses of the trust parties, trusts that simply hold assets (e.g. houses, cash) and don't have income will not be required to register.
 
The Global Forum reported in 2013 that a PAN [a Permanent Account Number] is compulsory for all domestic trusts and foreign trusts being managed from India, if they have operations in India (i.e. open a bank account, transfer real estate, etc). Information on settlors, trustees and beneficiaries of the trust must be provided together with the application for a PAN" (GF 2013: 48). However, in cases where local trusts or foreign trusts with a local trustee hold assets abroad, then it appears they will not have to open a PAN registration.

Sources

GF 2013: 46-48
 
GF 2017: 53-54