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Zakat- Determining Personal And Business Needs Of Present And The Future
Assalamualaikum, i need to understand how do I determine what are the permissible limit for my present and future Needs in order to pay zakat?
In my case, i have Gold what my wife got in our marriage. Looking at my earnings v will have to give to my daughters from this gold only. (I have two daughters aged 6 and 2) Plus educational needs will also be there. But this is not simple. Educational needs vary too much. So, where and how do i draw line that above this much i should pay zakat.
For others also needs may be different if one thinks i may get some life threatening disease and for that I must save lakhs of rupees will that also be counted as needs?
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5 Replies
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Zakat- Determining Personal And Business Needs Of Present And The Future
updated 1 year, 8 months ago
2 Members
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5
Replies
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It is ultimately decision of an individual and it should be an honest decision. As a principle, all items of personal use are exempt from Zakat and this extends to genuine savings made for personal needs i.e. Gold saved for daughter’s wedding, plot bought or savings made to construct a house for personal use only etc.
Savings made for any future contingency will be considered savings and not exempt under personal use items.
For relevant comments of Ghamidi Sahab in this context, please refer to the video below from 49:19 to 55:16
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Please also refer to the video below from 40:17 to 45:15
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Thanks a lot for your response. One thing became clear to me that savings intended for future contingency can’t be exempted.
But still i have some doubts regarding the gold to be given to daughters. For eg Gold jewellery which is being used for personal use by women in our culture would be around 50 grams. But the amount of jewellery which parents will be giving may be varying from 2 to 10 times of that Gold. In my case we have decided to keep aside 3 times (150gm)of the actual jewellery they would probably be using
So can i exempt this gold which I have planned to give to my daughters in calculating zakat?
I hope i have made my question clear to you umarbhai
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If the Gold has been clearly earmarked for your daughters’ use then it will be considered exmept. But one thing should remain clear that such Gold, if earmarked, should never be used for wealth purposes or as savings and intention should be firm. Another example would be that in case a plot of land has been earmarked for construction of a personal house, it will be exempt from Zakat but such plot of land should not to be sold in future for making gains of capital appreciation.
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Understood….Jazakallah bhai
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