Question Summary:
I have 20,000 US dollars in cash and in checking account and about $ 5,000 worth of jewellery. Question Detail:
My question is about Zakat calculation
I have 20,000 US dollars in cash and in checking account and about $ 5,000 worth of jewellery.
I have a car loan of around $15,000 (fixed amount) which I have to pay over next 3 years.I got the car 2 months ago.I donot have any other loans.
I have another car on lease and owe about 4,500 on that over next 15 months.
My question is On what items and how should I calculate my payable zakat in this instance?
Total money in cash & check jewellery
Total money in cash & check - (car loan amount of $ 15,000 amount owed on car lease of $ 4,500) jewellery
Secondly,before calculating zakat on money in bank and in cash should I subtract the amount of money due for utility bills,
car payments,apartment rent and monthly credit card payments ( for this particular month)? Please advise.
Your answer in a table format would be really helpful and easy to understand,if convenient.
jazakullah khair.
Answer :
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
You need to add up all your wealth, which includes money in the bank, cash, jewelry, etc. and subtract all expenses due until the end of your zakātable year. If this leftover amount is greater than nisāb (minimum value in order for zakāh to be compulsory), then 2.5% of it will be the zakāh.
For example, if the following values are income earned and expenses due by the end of your zakāh year, say 1st of Ramadān, then the zakāh will be calculated as such:
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