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Zakat On Stock Of Gold And Silver Used For Trading Business
As salaam alaikum, as a side business i buy and sell gold and silver.please let me know if any zakat is applicable on my stock of the same.
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Zakat On Stock Of Gold And Silver Used For Trading Business
updated 1 year, 7 months ago
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If you are involved in mere trading of gold and silver, which entails simple buyng and selling of gold and silver without any value addition bring done by you, then 2.5% Zakat will be applicable on trading inventory (maal-e-tijarat) as at the date when “Zakat on Wealth” is to be calculated. Total Zakat would be 2.5% of cash-in-hand plus cash-in-bank plus value of stock-in-hand and any other form of asssets/wealth. Value of obsolete stock can be deducted from the total value of stock-in-hand (Zakat is applicable only if total value is above the set Nisab for Zakat excluding value of items for personal use).
Please see for further details:
However, if the busness is not of retail nature but involves some value addition being done on the raw material of gold and silver, then production zakat would be applicable on the amount of value addition only.
Please see for further details:
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