Question Summary:
Is Zakat due on money received a day before my annual Zakat date?

Question Detail:

I am due to calculate zakaat today. I am in possession of wealth in excess of nisaab for which I have calculated the zakaat payable. However Yesterday I received an amount of R105000-00 as a gift . Will I be required to pay zakaat on this amount as well as I did not have this money for the year . Please advice .

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Yes, you will pay Zakat on this amount (R 105000-00) even if it was received a day before your annual Zakat date.
It does not matter that you did not have this amount for a year because as long as a person possesses the nisab at the beginning and at the end of the year, Zakat will be due on the total amount of his wealth at the end of the year. As a result, any amount received even a day before your annual Zakat date will be added to your total wealth and Zakat given on it.
Likewise, any wealth that leaves your ownership even a day before your annual Zakat date will be subtracted from your total wealth and will not be included in your wealth for calculating Zakat. [i][ii]
Mufti Sohail ibn Arif,
Assistant Mufti, Darul Iftaa
Chicago, USA
Checked and Approved by,
Mufti Ebrahim Desai.
 
والمستفاد) ولو بهبة أو إرث (وسط الحول يضم إلى نصاب من جنسه) فيزكيه بحول الأصل) [i]
قوله إلى نصاب....فإن وجد منه شيئا قبل الحول ولو بيوم ضمه وزكى الكل
رد المحتار، ٢/ ٢٨٨
 
[ii] فتاوى عثماني ٢/ ٦٢ - ٦٣ مكتبة معارف القران كراتشي