Can anybody suggest whether to sell / lease off a property held in the name of a Trust, a Order from a competent court is required or not.
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7014 Points)
Replied 15 December 2011
If there is no dispute on the said property and the trust entails trustees to carry out the said activity of leasing/selling then no order from court is required.
Anuj
+91-9810106211
femaquery @ gmail.com
Kolluru Krishna Murty
(Partner)
(315 Points)
Replied 04 February 2012
You may please refer to the Trust Deed which postulates the procedure to be followed.
Normally leasing of the property to appropriate the proceeds to the activities of the Trust does not need permission of the Court.,but it is other than for the pursuit of objectives it does.
Similarly selling off the property for the pursuit of objectives if permitted by the terms of the trust deed does not need permission of the Court,otherwise it does.
kkm
CAclubindia
