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Sold My Gold, How To Pay Zakat On That Money
I sold my gold sets 2 months ago and now I have cash instead. I have been regularly paying zakaat on gold but now that its cash money and has been with me for only 2 months, is zakaat payable now or after a year?
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Sold My Gold, How To Pay Zakat On That Money
updated 3 months, 3 weeks ago
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Zakat on wealth applies on cash savings. Which is once a year Zakat paid at 2.5% on all your wealth, provided it is above Nisab. This date of Zakat, if not fixed by the state, needs to be fixed by you once, and should not be changed in the coming years. Items of personal use (cash for immediate use, savings for a genuine personal need, personal jewelry, personal car, house etc.) are exempt from this Zakat.
Please read the following explanation on Zakat and feel free to post a follow-up in case of any confusion:
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