Zakaat for a person whose debts are more than his assets
Q: I have wealth more than nisaab (R50 000) that makes zakaat compulsory upon myself. I took a loan from a relative (R1.2m) to purchase a house. I will be repaying him over monthly installments (R10 000) over the next 10 years. Hence, in essence, my debt is more than my assets.
1. How do I calculate my zakaat?
2. Does this make me a recipient of zakaat?