Including the wealth one acquired on one's zakaat day in one's zakaat calculation
Q: My zakaat date is on the first of Ramadhaan. At which time will I have to take an account to work out my zakaat, as during the day, I will also be doing trade. Hence, if I buy and sell during the day, will I include the wealth I acquire on that day in my zakaat calculation? Similarly, if I incur debts during the day, will I deduct the debts from my zakaat calculation?
A: The principle of shari’ah is that when a person acquires wealth (upon which zakaat is compulsory) which equals the nisaab and the wealth remains with him for an entire lunar year from the first day he acquires this wealth, zakaat will be fardh on that wealth.
E.g. Zaid acquired R9 000 (which for example is the nisaab amount) on the first day of the lunar year (1st of Muharram 1445). This wealth then remained with him for an entire lunar year. On the 1st of Muharram 1446, zakaat will be fardh upon the wealth.
It should be noted that if the amount decreased during the course of the year e.g. R9 000 decreased to R1 000, but at the end of the zakaat year (1st of Muharram 1446), the amount returned to R9 000 or more, zakaat will be fardh.
However, if during the year, all the money was spent and nothing remained, then one's zakaat year will no longer be calculated from the previous time when one had acquired the nisaab. Rather, one will count one lunar year from the next time one acquires the nisaab amount or more.
Based on the above, one should calculate his zakaat on one’s zakaat date. If one acquires more wealth on one’s zakaat date, one will include it in one’s zakaat calculation. However, if one incurs debts on the same day, one will not deduct it from his zakaat calculation. Only those debts will be deducted from one’s zakaat calculation which were compulsory upon him before this date.
And Allah Ta'ala (الله تعالى) knows best.
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