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Zakat On Pocket Money And Loan
If you have savings that are above the nisab. And you also got your pocket money that you use on your expenses. Do we include that Pocket money in savings too?
Example I have 80000 savings and got 20000 pocket money so till today I have 1 lac would I pay zakat on basis of 1 lac or 80000?
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11 Replies
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Zakat On Pocket Money And Loan
updated 3 years, 7 months ago
3 Members
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11
Replies
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It will be on the total of your wealth at the year end i.e. 100,000
See summarized law of Zakat here:
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In addition to what Umer sahab stated above, please also note that zakat is only due on people who have reached the age of maturity, and meet the minimum nisab requirement.
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Yes I am 21 and have savings I was already giving zakat on different occasions. Now I needed to calculate it after a year. But the price of silver changes with time so what to do will we consider the price of that day when we are calculating zakat. Such as 123×642= 78986. So this will be nisab?
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Nisab for assets is the minimum amount below which your state exempts tax or zakat on assets. If your state does not provide a nisab then you can use the standard nisab of 642 grams of silver or current equivalent value.
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@UmerQureshi I gave some amount of zakat on 24th April. Now I want to make 1st April as my day of annual zakat. So do we consider the money that I have given someone as loan in Zakat or not?
I have given 4000 to someone will I consider it in money on which zakat is applicable or not? Given that he might pay me within few weeks.
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Question:
I have lent some money to a close relative who is going through tough times in his life. I want to know if I am liable to pay Zakah on the money I have lent?
Answer:
You are not liable to pay Zakah on the amount you have lent for such purposes if your date for Zakah giving arrives. It is serving the needs of the society. You will be now liable for Zakah once you receive the money.
(Dr. Shehzad Saleem)
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Also You said that my pocket money must be included in zakat money. I am hostellite so I get my pocket money to pay all my expenses. When talking about zakat Ghamidi sb say that the gold that is of Normal usage must not be considered in the zakat amount. So why money that is for Normal expenses must be included in zakat amount.
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@Sohail @faisalharoon kindly look into this case. Thanks
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Things of personal use are excluded from zakat-ul-maal, for example, your car, house, furniture, clothing, jewelry, etc. Everything else in your possession at the time of paying zakat, including cash, business inventory, investments, etc. are considered assets and zakat must be paid on it.
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In Zakat on Production business inventory and investment that anyone has done is not included in Zakat but in Zakat ul Maal these things are considered. Is is right?
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Please post it as a separate question.
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