Definition of trust clarifies tax treatment under income-tax law and interaction with allied enactments for trustees and beneficiaries' obligations. Definition of trust under Section 3 of the Indian Trusts Act, 1882 determines which arrangements qualify as trusts and frames trustees' and beneficiaries' obligations; this statutory meaning is material for applying the Income-tax Act, 1961 and allied enactments to allocate tax liabilities, exemptions, reporting duties, and other fiscal consequences.