Calculation of Zakat - shoaibvahora

[shoaibvahora]

Assalamo Alaikum,

I have a question regarding the calculation of Zakat this year .

I had savings of $50,000 and paid zakat 2.5% of $50000 last year. This year I saved another $30,000 and now I have total $80,000 savings in my account.

My question is ,

1. Do I need to pay 2.5% of $ 80,000 ( total savings at today) or;/
2. I have to pay 2.5% of $ 30,000 as I have paid zakat of 50,000 last year and need to pay only money that were earned after paid Zakat
3. Do we have to pay Zakat of Gold and property every year ? (for same Gold and same property )

Request brothers to answer me as soon as possible.

Zazakallahu Khair
Shoaib

[abuhajira]

Your answers:

1. Yes, you will pay Zakat on total savings.
2. No, you pay on the total savings, even if you had paid zakat on part of this savings last year. So in your case you are giving 2.5% on $30K and 2.5% on $50K which you have had for two years now.
3. You have to pay zakat on gold every year. There is no zakat on property unless the property is stock in trade.

A couple of counter questions for clarification.

a. Is $50,000 and now $80,000 your nett savings? i.e you have deducted your liabilities and payables from this?
b. Also which assets did you use to calculate this figure?

Wallahu A'lam bissawaab

[shoaibvahora]

Salam brother and thank you for your answers.

I have savings in my bank and currently renting. Not buying property as do not wish to trade with interest for loans.

Zazakallahu khair
Shoaib

[abuhajira]

Salam brother and thank you for your answers.

I have savings in my bank and currently renting. Not buying property as do not wish to trade with interest for loans.

Zazakallahu khair
Shoaib

. Please go through this answer and determine your nett zakatable assets to calculate zakat.
http://www.askimam.org/public/question_detail/17114