zakat calculation

greenspun.com : LUSENET : Zakbt : One Thread

i am a married indian. i want to know on what things zakat will be for me and my wife 1.My wife owns more than 85 gms of gold and she has US$ 500 in her account. is she liable to zakat and how will i calculate it.

2.i have more than 85 gms of gold worth( money in my bank ). But its not been there for 6 months or more . its been gradually increasing as a part of my salary. should i calculate it at 2.5 % of my entire amount.

3. i have given loan to my brother and sister ( without expecting any interest ofcourse !! )and am not sure as to when i will be returned . should it be added to my amount for calculating zakat.

-- irfan jafar shaikh (ishaikh@kfu.edu.sa), November 17, 2002

Answers

if you are a person of wealth you have to pay 2.5% on all your wealth, it is not important that that particular gold hasn't been with you for an year

however please contact someone qualified

like Maulana Mufti Ibraheem Desai

loan recheduling

-- Your Full Name (irfan jafar shaikh (ishaikh@kfu.edu.sa)), September 11, 2003.


I have to correct the initial answer in that you do have to have your wealth which is over the nisab (minimum wealth before zakat payable) for a period of one year. please see the following site: http://www.sunnipath.com/Resources/Questions/QA00003812.aspx

-- anonymous (zptk1@hotmail.com), September 01, 2004.

Moderation questions? read the FAQ