Question Summary: Please help me with my Zakaat calculation.What value can I deduct as a liability and what value as assets? Question Detail:
As salaamu alaikum Please help me with my Zakaat calculation.What value can I deduct as a liability and what value as assets? How do I calculate the Zakaat payable in the following cases:
1) The house that I live in. Market value = R 1 800 000 Total owing to bank = R 1 200 000 Monthly repayment to bank = R 14 500 Monthly Income received from cottages on property = R 7 000 per month
2) Flat that I have as an investment and it is currently let out. Market value = R 200 000 Owing to bank = R 50 000 Monthly repayment to bank = R 800 Monthly rent received = R 1 500
Jazakallah.
Answer :
Muhtaram , In the name of Allah, Most Gracious, Most Merciful Assalaamu `alaykum waRahmatullahi Wabarakatoh The house you are living in is not zakatable. Your next 12 installments to the bank may be deducted as a zakat liability. Your flat will only be zakatable if purchase with the intention to resell. If so 200,000 is zakatable. If not, no zakat is payable. In both scenarios you may deduct the next 12 installments as zakat liability. As far as the rental income is concerned, whatever amount is still on hand on the day of your zakat calculation will be zakatable. And Allah knows best Wassalam Imran Hatia
Darul Iftaa, Madrassah In'aamiyyah
|
Main Categories More Questions
|