Fatwa #1017324 November 2003Kuwait

I am having Rs. 1milion with me in bank in india how much zakat I need to pay I purchase a flat on installment is there zakat on it and I have money to pay flat cost in full

Question

I am having Rs. 1milion with me in bank in india how much zakat I need to pay I purchase a flat on installment is there zakat on it and I have money to pay flat cost in full Jazak Allaho Khair

Answer

When you have an amount equivalent to the nisab of Zakat which is above your basic necessities and a year has passed over that money then you have to discharge Zakat at 140 of the amount. There is no Zakat due on your flat until you fully pay for it.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

#33479I wish to understand how I need paying zakat on some scenarios
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#15629Someone has told me that I am not eligible to pay Zakat as my liablility is higher that what I owe
#33342Can I use Zakat money to pay for his visa / ticket and send him out side India for better in search of better earning?
#16800My question is about how to calculate the zakat for earning and savings in the bank?how much money should i have had received before i am entitled to pay zakat for both
#42597Can I pay zakat with my husband’s money who is working in a riba based bank?
#15301I had taken a loan amount of Rs. 350,000/- from an individual for construction of our home. My home value in local market is about Rs. 800,000/-
#15302I had taken a loan amount of Rs. 350,000/- from an individual for construction of our home. My home value in local market is about Rs. 800,000/-

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