Calculation of Zakah
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:
Assalamalaykum Burhan Bhai.
I had a balance of 400,000 Rs on the first day of Ramadhan.My wife and my three duaghters in law has approximately 60 Tollas of gold.we do not have any property with an intension for resale.Our Monthly Income is around 100,000 Rs..Can u please tell me how much i should have paid as zakaat
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Calculation of Zakah
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Zakaah is obligatory on every individual who, after all his living expenses, has a net saving of about 85 grams of gold or approximately US$1,000.00, and this amount has been in his possession for a full calendar year.
The monthly or yearly income of one is immaterial in the calculation of zakaah dues, as these dues are based on the net savings or net worth of a person, after having paid for his full living expenses.
Thus, lets assume one had Rs. 400,000.00 in his possession for a full calendar year + 60 tolas or approximately 700 grams of gold, value of which would be about $8,200.00 (or Indian Rupees 500,000.00) again in his possession for one full calendar year; then the zakaah due would be 2.5% of INR 900,000.00 or INR 22,500.00. One may pay this amount in zakaah in one lump sum, or even in installments over the period of the year.
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Your Brother in Islam,