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Zakat On Jewelry
I have personal gold jewelry which I got from family at my wedding. Most of it is now in bank locker which will be used later for my children. So do I have to pay Zakat on it yearly or it falls under personal use.
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4 Replies
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Zakat On Jewelry
updated 4 years, 2 months ago
3 Members
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4
Replies
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My question is that gold is also an asset, although not now it’s saved for children but it can be used in an emergency or sudden need so therefore due to highly liquidate asset, does that gold falls under Zakat
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As a principle, Gold is an asset and is subject to Zakat if it is above Nisab threshold except only for the portion of Gold which is of personal use. Decision regarding personal use can vary from person to person depending upon their individual circumstances.
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What Umer sahab stated above is correct.
Just a little bit of clarification: nisab is calculated on the sum total of the current value of all your assets.
To sum it up, normally zakat is due on all assets, however, since there’s exemption for personal use items, one may make an ijtihad on gold saved for children’s wedding etc. to make it exempt as well. The decision belongs to the person himself in accordance with the sincerity of their intent of any saving.
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