APPLICABILITY OF TRUST ACT—1882—- THE PROVISIONS OF THE INDIAN TRUST ACT 1882 SHALL APPLY TO ALL MATTERS NOT SPECIALLY MENTIONED IN THESE PRESENTS violating the same in any part, the whole Trust is void.
Lawful Purpose:
A trust may be created for any lawful purpose. The Purpose of a Trust is lawful unless it is (a) forbidden by law, or (b) is of Such a nature that, if permitted, it would defeat the provisions of any law, or (C) is fraudulent or (d) involves or implies injury to the person or property of another or (e) the court regards it as immoral or opposed to public Policy every trust of which the purpose is unlawful is void. And where a trust Is created for two purposes of which one is lawful and the other unlawful, And the two purposes cannot be separated the whole trust is void.
Application of income tax:
To perform that notwithstanding herein Contained in the income as the corpus OF THE TRUST fund the same shall Be applicable and applied to for PUBLIC CHARITABLE PURPOSE ONLY within Such territories and subject to such conditions or limitation if any as may From Time to time be laid down by the Income Tax Act, 1961 or any other Acts Governing taxation of income the wealth of PUBLIC CHARITABLE TRUST So As to render the TRUST hereby established as well as its income eligible For Exemption from taxation under such Act or acts, now or prevailing or any Modification replacement thereof. And SEBI Circular, 2017.
To perform that notwithstanding herein Contained in the income as the corpus OF THE TRUST fund the same shall Be applicable and applied to for PUBLIC CHARITABLE PURPOSE ONLY within Such territories and subject to such conditions or limitation if any as may From Time to time be laid down by the Income Tax Act, 1961 or any other Acts Governing taxation of income the wealth of PUBLIC CHARITABLE TRUST So As to render the TRUST hereby established as well as its income eligible For Exemption from taxation under such Act or acts, now or prevailing or any Modification replacement thereof. And SEBI Circular, 2017.