Transfer of asset (immovable property) of trust to another trust

I need clarification regarding the transfer of assets of trust to another trust.

12 A registered trust wants to transfer it's asset to another trust without any consideration.
what is the procedure to follow and is there any requirement of intimating to Income tax ?

*both the trust is registered under 12A.
Replies (2)
Quick Summary
Transfer of immovable property from one 12A registered trust to another without consideration is allowed if trust deeds permit and trustees approve. However, there is no specific Income Tax form like 12BA for such transfer. Proper documentation, valuation, and reporting in ITR is required.

The transfer of assets from one trust to another without consideration is possible, but you'll need to follow specific procedures and comply with income tax requirements. Here's a step-by-step guide: 1. *Check trust deeds*: Review both trust deeds to ensure they allow asset transfer. 2. *Get trustee approval*: Obtain approval from both trust's trustees for the asset transfer. 3. *Determine asset value*: Ascertain the fair market value of the assets being transferred. 4. *Execute transfer documents*: Prepare and execute documents like sale deeds, gift deeds, or transfer agreements. 5. *Intimate Income Tax*: - File Form 12BA (Notification of transfer of assets) with the Income Tax Department within 30 days of transfer. - Obtain acknowledgement from the department. 1. *Update trust records*: Reflect the transfer in both trust's records and accounts. 2. *File ITR*: Report the transfer in the transferor trust's Income Tax Return (ITR) for the relevant year. 3. *Compliance*: Ensure both trusts comply with all applicable laws and regulations. Additionally, consider the following: - *Tax implications*: The transfer may have tax implications, so consult a tax professional. - *Charity Commissioner*: If required, intimate the Charity Commissioner's office about the asset

Thank you for the detailed explanation sir
but the form you have mentioned form 12BA is for perquisites. and I didn't find any other forms to intimate.
thank you for the reply.

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