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Zakat Deduction For Planned House Purchase
Can future obligation be reduced from zakat calculation? For example, if one is planning to buy a house in future or saving for children’s expensive higher-education out of his current ‘production’ which could be salary income, can that salary income be exempted from zakat basis?
Here is an illustration: Assuming mortgage is not available or is not opted for, and one earns salary of $ 200k p.a. and house current value is $ 800k. So whatever is saved from salary income goes to the savings account. House is not purchased at this time but pure intention is to buy in next few years. Will that person be required to pay Zakat all these years?
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Zakat Deduction For Planned House Purchase
updated 2 years, 7 months ago
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The actual exemption is for personal use items, including jewelry, house, cars, furniture, etc. Businesses have an additional exemption of means of production (e.g. factories, machinery, etc.). All other savings and assets, unless exempt by the state are subject to zakat. With that said, depending upon the situation one may make an ijtihad that his savings for the house are personal use, however, it must be done with complete sincerity and with a sense of accountability in front of God on the Day of Judgement.
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Please also refer to the following responses of Ghamidi Sahab:
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