Question Summary:
Is zakaat binding upon me?

Question Detail:

calculation of zakath if some body has bought a flat on instalment basis for example some flat worth 30 lakhs indian rupee we paid 10 lakhs and we still have to pay another 20lakh we have money in our account yet to be paid what is rule to pay zakath on the paid and upaid amount.
 
jazaakallah khair

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
 
In the enquired situation, if the money in the account is more than 20 lakh and the excess amount is equivalent to the minimum nisaab of zakat or more than that, then zakat will be compulsory on the excess amount if one does not have other debts encompassing the excess amount.[i]
 
And Allah Ta`ala Knows Best.
Hussein Muhammad.
Student Darul Iftaa
Tanzania
Checked and Approved by:
Mufti Ebrahim Desai.