Q: I have taken over a running business in January of this year (2021). I am owing on this business for the next three years. With regards to zakaat, do I commence paying immediately or after 1 lunar year?
Also, for the merchandise on hand, when calculating zakaat do I use the cost price or the selling price of the goods?
Q: My wedding jewellery set is now lost for two years. Until last year, I paid zakaat on it thinking that I would find it. At present, it is still lost. Should I continue to pay zakaat on it?
Q: A person took a loan of R5 million from the bank which is payable over 10 years. R500 000 is payable every year of the principle debt as well as R50 000 interest.
1) When calculating zakaat, will one deduct the entire amount of R5 million as his debt or only the amount payable for the current year of R550 000 (R500 000 principle and the R50 000 interest)?
2) Does one include the interest owing as part of his debts for the zakaat calculation?
Q: Someone owes me money, but a few years have passed and he is not returning it. Can I use that amount to discharge zakaat to him if he is eligible for zakaat, or should I give it to him as sadaqah?
Q: If a person wishes to settle the debts of a deceased individual by using his (i.e. the person's - not the deceased's) zakaat money, whilst the deceased was eligible for zakaat, then is this permissible or not?
Q: I bought a land as an investment, but I do not have a clear view on when I will sell it. I have not put it up for sale yet. Do I have to pay zakaat on its value or will zakaat only be applicable when I put the property up for sale?
Q:
1. How much zakaat needs to be paid on fruit trees, which have been purchased in order to make profits on selling the fruits?
2. How much zakaat needs to be paid on a bee hive, which has been bought and rented out to a farmer?
3. How do I pay zakaat on a solar panel which generates revenue from selling electricity produced?
Q: Does one have to pay zakaat only after one has had the stipulated amount of wealth in ones possession for a year or does one have to pay zakaat immediately after receiving the stipulated amount?
And what is the amount that if reached, one will have to pay zakaat?
Q: A trust was formed and a property was purchased for investment purposes. Shareholders bought into the investment. A portion of the net rental are distributed to the shareholders and a portion of this net rental is held back in the trust as a cash buffer for unforseen events (e.g. Unforeseen expense). What is the zakaat implications on the cash buffer held back in the property trust?
Q: We got a land as inheritance from my father: a portion of which he inherited from his mother and the rest of the land was purchased by my father from his heirs i.e my uncles. His mother also received the land as inheritance.
Zaid is living on this land and whatever vegetables, crops are grown there, I am responsible for providing the seeds and other expenses. Zaid looks after them, sells them in the market and then the profit is distributed as a 50 percent share. From the 50 percent that we receive, it is further divided into 8 parts, one part is received by 3 sisters and my mother each. While 2,2 parts belong to me and my brother.
Previously rainfall was the source of water for this land but almost 6 months ago we purchased a motor to draw water from the small natural water stream that passes through the land. The land is not plain, instead it has many small hills in it so the irrigated portion is quite less. Sometimes I get only a little portion of vegetables that cannot be sold so its used at home.
I want to inquire how to give ushar on the produce from this land?