Dear All,
I need help calculating zakat funds, my question is if for example i have total funds of 10 lakh including gold, i bought a plot on installment for personnel use and still owe 2.5 lakh for payments, due in future for development charges, should i minus this 2.5 lakh and pay zakat on 7.5 lakh?
tzk replied on Saturday, December 10, 2011 03:04 PM
i think you can only deduct the loan which is "indal talab" meaning immediately payable. Long term loans are not deductable for zakat purposes. Please consult some scholar for details |
Shabbir replied on Saturday, December 10, 2011 03:31 PM
I don't think this forum would be the best point of information for zakat. Talk to your Mullah wherever you attend your prayers. |
HKB replied on Saturday, December 10, 2011 03:35 PM
Mr Saqib, Please open this link:
Zakat Caculator
http://www.kfh.bh/media-files/2009/09/05/20090905_zakat-A4-booklet-Eng-4F22AF.pdf |
Ahmad KSA replied on Sunday, December 11, 2011 02:42 AM
ASA
You do not have to pay zakat on the plot or house that you bought for personal use, but if it is for investment purpose, you have to pay zakat even though the price of that house or plot is decreasing. The cash, bonds, gold or whatever you have in possession or you are getting benefits from, by using in any way, that is zakat payable.
For further information and clarification, you can consult any MUFTI who is authorized to pass a Fatwa. |
abc123 replied on Sunday, December 11, 2011 03:17 AM
Just remember one thing - Zakat is a sort of wealth tax and not a kind of "income tax". Do your calculation based on this principle or xonsult some learned person in this regard. |
saqib replied on Sunday, December 11, 2011 04:56 AM
Thanks HKB, the web address provided excellent info but little doubt about paying zakat on personnel uses of gold jewelry. will consult some maulvi here. anyone sure about not paying zakat on gold jewelry for personnel use please comments, thanks |
BM replied on Sunday, December 11, 2011 05:09 AM
Zakat should be paid on Gold Jewelery, personal use or investment purpose does not matter. |
Ahmad KSA replied on Sunday, December 11, 2011 11:38 AM
ASA
Dear Brother! I think you did not read my meaasge carefully. ONLY house or plot that you bought for personal use - house that you are living in OR the plot that you buy to build a house in future and now you are in a rented house / you do not have a house to live in - these are exempted from Zakat. If you have a house to live in, and you buy a plot to build a house in future that plot is not exempted. So far as, gold in any form is zakat payable if it is in your possession - you are the owner. |
