On what all Asset we have & who all is to pay ZAKATH .
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Dear Brother, my humble question for you is
On what all Asset we have & who all is to pay ZAKATH
Since one brother in Islam says that Gold Ornaments we have for our Wife & Daughter for their self use neednt to pay zakath . its for their Beauty.
Kindly answer me in the Light of Islam the above doubt .
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Allah Hafiz ,
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Your Question: my humble question for you is On what all Asset we have & who all is to pay ZAKATH
Every believer, regardless of whether man, woman, or child, who has excess wealth (over the nisaab which is appx US$1,000.00) of their own, is liable to pay a 2.5% annual zakat of their nett excess wealth in Shariah.
Zakat is not determined from ones earnings or profits, but rather on ones net excess wealth which is left over after paying all their expenses, and it has been in their possession for a period of one calendar year. There is no zakah liable on the house one lives in, or the furniture and fixture one uses in their house, or the car one drives, etc. But if one has property which one has bought as an investment, or spare vehicles other the one one drives, or jewelry, or any other excess assetthen zakah would be liable on these excess wealth and property.
Any asset, or wealth, or cash, or savings, which are left over after all of ones expenses are paid, and that excess savings and wealth has been in their possession for one full calendar year is liable for payment of annual zakat at 2.5% of its value.
Thus the basic formula to calculate zakah is as follows:
All Assets (except the house one lives in, vehicle one uses, etc.) minus all loans = Nett Excess Assets. It is on the market value of these Nett Excess Assets upon which the annual zakah of 2.5% is due.
Your Question: Since one brother in Islam says that Gold Ornaments we have for our Wife & Daughter for their self use neednt to pay zakath . its for their Beauty . Kindly answer me in the Light of Islam the above doubt .
Sunan of Abu-Dawood Hadith 1558 Narrated by Abdullah ibn Amr ibn al-'As
A woman came to the Messenger of Allah (saws) and she was accompanied by her daughter who wore two heavy gold bangles in her hands. He (saws) said to her: Do you pay zakat on them? She said: No. He (saws) then said: Are you pleased that Allah may put two bangles of fire on your hands? Thereupon she took them off and placed them before the Prophet (saws) saying: They are for Allah and His Messenger (saws) (to distribute as zakah as they please).
In light of the absolutely clear guidance of the hadith, provided ones total assets are more than the prescribed nisaab of approximately US$1,000.00, one is liable to pay zakah annually on their Nett Excess Wealth at the rate of 2.5%.
The gold and jewelry one possesses would indeed be considered ones excess wealth, and if one indeed fears Allah and the Last Day, one must pay their annual zakah of 2.5% of the value of their gold and jewelry.
Whatever written of Truth and benefit is only due to Allahs Assistance and Guidance, and whatever of error is of me alone. Allah Alone Knows Best and He is the Only Source of Strength.
Your brother and well wisher in Islam,