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Zakat
Salam I am doing job in Saudi Arabia since one year my salary is 700000 pkr per month and after one year I purchased 4 tola gold bar cost 1200000 and 900000 invested in share so can you please tell me how much should I have to give zakat Thanks
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4 Replies
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Zakat
updated 1 day, 7 hours ago
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Replies
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On your salary, you have to pay 10% per month as Zakat, this is the Zakat of production.
On your savings, you have to pay 2.5% once a year.
You can use our Zakat calculator.
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Thanks for the Answer but I have heard that Zakat is only paid on excess wealth.And all I have left is this savings.The rest is spent on me and my family
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I have a separate bank account for my rent. Is zakat due on the entire rent that I earned or the part of rent that is left with me after a year?
If it is due on entire rent earned, will I have to pay additional zakat on the balance of rent left in the account on the day of my zakat calculation?
P.s. If answers to both questions is yes that will mean first I have to pay zakat on total rent earned. Furthermore I have to pay additional 2.5% zakat on the balance of rent that I did not consume during the year.
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Savings is the excess wealth except for the savings which are for something of music needed like home construction, educational fee etc. If savings are for such purposes they are exempted because they are actually for a genuine need.
If your rent is taxable then you have to pay zakat on it. At the end of the year you have accomulated amount of rent as your savings you have to pay 2.5 percent on it as zakat.
Taxes are counted as zakat paid.
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