I want to pay my zakat in this ramazan mubarak. My question is how much zakat am I liable to pay. I pay my wifes zakat also.
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:
I am 30 years age and have a wife and infant child alhamdulilah. I dont have any property till now. What i have is some gold n some cash. The total value is around 30, 000 USD.
The gold belongs to my wife and cash is mine. I plan to invest in some property soon. maybe by early next year. I dont believe in taking loans.
I want to pay my zakat in this ramazan mubarak. My question is how much zakat am I liable to pay. I pay my wifes zakat also. Awaiting your reply
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If the total net worth of any believer (man, woman, or child) is more than the prescribed nisaab of 7.5 tolas of gold (app. 85 grams or app. Value US$2,100.00), then the person is liable to pay the obligatory annual zakah of 2.5% on their excess wealth which has been in their possession for a full calendar year.
If the total net worth of any believer is less than the prescribed nisaab, he/she is not liable to pay any zakah until their net worth exceeds the prescribed nisaab.
For the purpose of determining zakah, the Net Excess Assets would be the current market value of all of ones assets (properties, investments, jewelry, cash, etc.) except:
- the value of the house one owns and actually lives in
- the value of the car/vehicle one uses on a regular basis
- the value of the furniture and fixtures one uses on a regular basis.
If the gold belongs to your wife, it is she who is responsible to fulfill her annual zakah.but if the husband wishes to pay the zakah dues of his wife, there is absolutely no harm.
If as you say the value of your total net assets is US$30,000.00, and these assets have been in your possession for a period of one calendar year.then you would be liable to pay 2.50% of your net assets of US$30,000.00 or $750.00 as you zakah for this current year.
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Your brother and well wisher in Islam,