Fatwa #1352429 September 2005Singapore
howmuch zakat i have to pay this year 2005 iam having 350 grams of gold and my salary p.a is 12,00,000 INR. this year saving is 2,00,000 INR
Question
iam having a query on zakat. i want know howmuch zakat i have to pay this year 2005 iam having 350 grams of gold and my salary p.a is 12,00,000 INR. this year saving is 2,00,000 INR after deducting my house hold expenses. last year saving is 1,00,000. then how much zakat i have to pay this year.
kindly explain briefly abt this system.
Answer
1. You have to calculate the value of the gold and pay the Zakaat accordingly.
2. According to our understanding, you have 300,000 INR savings of last year and this yeat. Zakaat is payable at 2.5% of 300,000 INR.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai