Q: Please advise if the following items (which are treated as assets in the Annual Financial Statement) are included under zakaatable assets for the purposes of calculating your zakaat:
1)Prepaid Expenditure
2)Deposits held by Suppliers or service providers eg. The municipality
Will "Income received in advance" (normally treated as a liability in the Annual Financial Statement) be included in determining your zakaat?
Q: We are in possession of a gold ring, also made up of diamonds, the ring was valued a year ago R18000.00, the weight is approx 3.93grams, is zakaat payable? I know the Nisaab for gold is 87.8 grams.
Q: Can zakat be paid off in gold? Instead of selling some of the jewellery to pay zakat can we distribute some of the gold as zakat? For example we have to pay Rs, 52,000 in zakat, so we distribute 4 gold bangles equalling 1 tola of gold which would equal Rs.52,000 (assuming market rate is 1 tola=52,000.). Is this okay? Or do we have to sell the 4 gold bangles then pay the zakat in cash?
Q: My wife has 5 tola gold and £600. How much would her zakat be?
Q: One of my mother's sister lives in UK. She gave a gold necklace, a pair of ear rings, finger ring and a pair of bangles to my daughter (who also stays there after marriage) to give it to me so that I can use it in my daughter's marriage. My daughter has given it to me, but I don't want to keep such a precious gift.
Q: How the zakat on paper money calculated?
Q: How is Zakaat on paper money calculated?
Q: If someone has 24, 22 and 18 karat gold jewellary, then how will zakaat be calculated? The price of 24 karat gold is Rs. 3100/g. the price of 22 karat gold is 2900/g and price of 18 karat gold is 2400/g.
Q: I would like to know the correct method for paying Zakat on Gold. As far as I know we have to pay 2.5% of the total gold we own converted to the currency of the area you are living in.
Q: If we are giving gold as Zakaat, should we take into consideration the current gold value or the selling price? If we sell it, we only get half of its value.