I want to know if ZAKAT is a must on a person even if he/she has an almost equal share of assets and depths.
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I want to know if ZAKAT is a must on a person even if he/she has an almost equal share of assets and depths. Is such a person entitle to remove zakat? Please let me know enabling me to follow the facts.
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Every believer, regardless of whether man, woman, or child, who has excess wealth (over the ‘nisaab) of their own, is liable to pay a 2.5% annual zakat of their nett excess wealth in Shariah.
Zakat is not determined from one’s earnings, but rather on one’s 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 asset…then 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 one’s 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.
Your Question: I want to know if ZAKAT is a must on a person even if he/she has an almost equal share of assets and depths. Is such a person entitle to remove zakat?
One is liable to pay one’s zakah, if the total value of one’s nett excess assets is over the minimum ‘nisaab’ of approximately US$1,000.00 and the assets have been in one’s possession for a period of one calendar year.
Nett Assets = Total Assets (– minus) Total Liabilities.
Thus for example if one’s total nett excess assets (excluding the house one lives in, the car one drives, etc.) are $5,000.00 and the outstanding loans or debts or liabilities one has to pay are also $5,000.00; then the total nett excess assets of the person are $0.00! Such is person is not obliged to pay any zakah for the current year.
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