Zakaat
on the 1st May i would like to calculate what i own in terms of gold and cash, and pay zakat on it.
My understanding is that i should pay zakat on everything i own on the 1st May. annually. (Please correct me if im wrong)
There is 3k in one account
there is gold at home over the nissab.
and there is 5k in 1 account. Now this 5k is the full amount i need to pay the builder who will be working in my house in May for 3 weeks to fix a major issue we have in the living room which is rising damp from the ground which means they need to rip quarter of the floor out, plus add radiators, and resolve the damp on the walls.
Now the question is when i am calculating my zakat, i know i have to pay zakat on the gold at home and the 3k in the account.
But do i have to pay zakat on the 5k too?
(because matter of fact that is going to be paid to the builders in 3 weeks upon work completing.
Thank you
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Respected brother,
Zakat is to be paid on
1: 87.84 grams of gold possessed on its own only.
2: 612.35 grams of silver or it’s equivalent in cash/ items purchased for trade/ mix of all or some of these, which are in a person’s possession for an entire lunar year at the rate of 2.5 percent only.
So you should calculate not in May but whenever your lunar year completes of possessing wealth on all that you own on that Islamic date.
Regarding the issue of repair work, as the money is going to be needed weeks later after the completion of your Islamic financial year hence, it can not be deducted.
The zakat over 5000 is only 125, paying it benevolently will gain you the pleasure of our lord and immense barakah in the rest of your wealth, in shaaAllah.
And Allah Ta’āla Knows Best.