Check below answers in case you are looking for other related questions:

Zaqaat on gold jewelry not paid for past three years

Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)

One of our brothers/sisters has asked this question:

 Dear Brother,
As Salaam Alikum,
 
My qeury is related to Zaqaat, as i understand in simple way that the total amount on which 01year has passed we have to give 2.5% as zaqaat.
 
i have some jewelry of my wife, which was given by her family and the zaqaat was not paid by me because i did not know the exact weight of those jewelry in order to calculate the total amount.
 
So.....Now, today i know the exact weight of the jewelry. therefore -
1. Should i calculate the zaqaat as per today's gold rate
or
2. It should be calculated as per past dated rates, as these jewelries were given 3years back. hence the gold rate was different in year 2010/2011/2012 respectively.
the amount(zaqaat) will be different for each year depending upon rates.
------------------------------------------------------------
Another thing, 
some people say you have to calculate zaqaat on total balance available in your bank account, no matter from how long it is there in your account but as per my knowledge it should be with you for 01year.
for eg. - in my account the balance keep on going up and down but suppose the minimum balance does'nt go below 25000 ever in last 1year. So,  i have to calculate zaqaat on this 25000 only i.e. 2.5%.
Correct or wrong?
 
i hope the above is clear to give me clear understandable answer.
 
Jazha Ka Allah
 

(There may be some grammatical and spelling errors in the above statement. The forum does not change anything from questions, comments and statements received from our readers for circulation in confidentiality.)

Answer:

In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is none worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.

Dear Brother the thumb rule to calculate zakat is whatever is in your possession for 1 year after deduction of all your expenses and other liabilities what ever is balance will be your net worth.

You are liable to pay only 2.5% zakat on your net worth.

Calculation of prices for gold should be done on the market value of the gold but if the prices of gold keep fluctuating and you are unable to determine the actual market value then you can also pay on the price you had purchased.

Whatever you decide to take the price of the gold it should be consistent for all the number of years whenever you calculate the price of the gold. If you choose to pay zakat on gold always on the price you purchased then every year use the same method to calculate the price of the gold.

 

Whatever written of Truth and benefit is only due to Allahs Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength. Allah Alone Knows Best and He is the Only Source of Strength.

Your brother and well wisher in Islam,

Members of Islamhelpline


Related Answers:

Recommended answers for you: