Pay zakah on gold bought.
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:
Last month I had purchased 30gms of gold for my sister`s marriage which will insha-allah take place in oct`09. Do I need to pay Zakat on the same as i have to pay zakat for this year before Ramzan ends?
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Pay zakah on gold bought
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.
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$2,500.00), 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/s one owns and actually lives in (no zakah)
- the value of the car/vehicle one uses on a regular basis (no zakah)
- the value of the furniture and fixtures one uses on a regular basis (no zakah)
Your Question: Last month I had purchased 30gms of gold for my sister`s marriage which will insha-allah take place in oct`09. Do I need to pay Zakat on the same as i have to pay zakat for this year before Ramzan ends?
If the funds with which you purchased the gold was in your possession for one full lunar calendar year, then indeed you would be liable to pay zakah on your purchase of the gold for this year.
When you gift the gold to your sister, then it becomes her responsibility to pay the zakah on the gold thereafter.
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,