Calculating zakaat

Q: Before I got married, my parents used to pay my zakaat. They used to pay it in Ramadaan.

After I got married, for 3 years I never worked out my zakaat in Ramadaan and it got left till last year. On the 1st of Zul Hijjah, I went and got my jewellery weighed and sorted out my zakaat. Gold was at its highest that it has been in years that time so I paid that amount for all the years as the jeweller said that it will be higher than the other years that I never pay. Alhamdulillah I payed off everything last year. I wanted to know for this year, am I supposed to calculate my zakaat in Ramadaan or should I now calculate it on the 1st of Zul Hijjah?

I did not calculate it in Ramadaan this year as I thought I should value it that same day as I did last year.

Q: We purchased a property in the auction in June 2019 (after zakaat calc for that year). We paid the auctioneer 10% commission and 5% deposit. The deposit was transferred to the conveyancing attorney and we further paid the attorney fees and transfer duty (these monies were misappropriated by the attorney). The balance of the purchase price was paid to our attorneys and placed as guarantee to the favour of the seller to be paid on transfer of the property. The property transfer eventually did not materialise due to various issues. The deal was formally cancelled on 11 May 2021, after zakaat calculation for this year.

1. Is zakaat payable on theses monies for the 2020 and 2021 years as we have now received refunds of these monies from the auctioneers and our attorney.

2. Also, monies misappropriated. We are still trying to recover this. What would be the position of zakaat on this?

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: 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: I would like to enquire about a few zakaat issues:

1. How much zakaat needs to be paid on fruit trees, which have been purchased as an investment?

2. How much zakaat needs to be paid on a bee hive, which has been bought as an investment?

3. Is a solar panel, which has been bought as a form of a money making investment, a zakaatable item - and if so: how do I calculate Zakaat on it?

4. How much zakaat needs to be paid on a business venture which entails investing in a cattle feedlot? The money invested goes into purchasing cattle and providing feed for the cattle for 4 months and then selling them off. Investors do not own specific cattle but buy a share of the total cattle.

Q: I have a question on zakat.

I was supposed to give my zakat this year Ramadan 2020 But till August I have not paid my zakat on gold jewellery of my wife, as I am paying on her behalf. The other zakat on my bank balace I have paid.

Now my questions are:

1. The value of gold in April 2020 in Ramadan in which I calculated my zakat every year was farz, and at that time the value of gold in India was less and not due to lock down or other reason the value of gold has shot up very high. So will I weigh the gold jewellery and pay zakat on the total value of gold 2.5% in the new rate of gold which is in August 2020 or will I have to pay zakat 2.5% on the rate of gold which was in April 2020 in Ramadan this year.

2. Will my wife be liable to pay zakat or I can pay on her behalf from my bank balace?

3. I had some gold jewelley which I purchased few years back and I purchased some jewellery in August 2020 when I married. Now my zakat date every lunar year is on 27 Ramadan. So this year 2020 Ramadan was in April-May 2020. So the jewellery which I purchased in August 2019 last year has not completed 1 (one) complete lunar year so will I calculate my zakat on the particular jewelley or will I calculate after August 2020 as it will complete full one lunar year. But my zakat date is in Ramadan, either I have to take out the zakat on full jewellwey this year 2020. Or I have to pay my the zakat on the particular jewellery which I purchased in 2019 the following year i.e. 2021 in Ramadan. But then it will be over one year for this particular jewelley which I purchased in August 2019. What should I do?

4. Some gold jewelley is of 21 carat and some are of 24 carat so will I have to pay zakat on their differnt value or I have to just weigh it all as one and pay the zakat 2.5% on the total gold jewellery?

5. How would I know that zakat has become farz or wajib upon me? How much money in Rupees do I have to have so that I become saahib e nisaab. Whether it is 20,000/- or 50,000/- or what amount? What is the mark? I am asking the nisab in relation to indian money in Rupees. Not the value of gold or silver as I heard that if one has 612.36 gm of silver or 87.48 gm of gold one is called saahib e nisaab. Suppose I have cash in bank Rs 30,000/- (thirty thousand) - indian money and I have gold jewelley a small ring, a nose pin small, and a silver anklet so now how do I know that I am a saahib e nisaab. As I do not have 612.gm of silver nor do I have 87.48 gm of gold. How do I calculate zakat on this. It is very confusing. 

Q: If I gave zakaat out of $1000, and when I will reach $1000 again, will I have to pay zakaat again

Q: I had taken out a life insurance policy with a dread disease cover many years ago. (I call that my pre-hidayat days). I have now been paid out part of the money for a dread disease, which is part of the life cover. Can I calculate all the premiums I paid over the years and take the money out of the payout as halaal money for myself? Can I use the balance of the payout for Income Tax payment. I would then cancel the policy. 

Also, what are the zakaat implications regarding this money if it is halaal. Do I need to calculate zakaat from the time I started paying the premiums or not?

Q: I have 2 investments and want clarity on my responsibility when it comes to zakaat.

1. I have purchased shares in company x for long term investment (probably 5 to 15 years). Do I pay zakaat on the quarterly/yearly dividends received or do I pay zakaat on the full value of the share?

2. I am investing in a retirement annuity, which is now only accessible upon my retirement. Do I pay zakaat yearly on the amount that is in my retirement account or would I only pay zakaat when the investment matures (when I retire)?

Q: My wife is a housewife and does not earn an income. I provide her with an allowance as well as contribute into a savings/investment account for her.

Questions:

1. Is she liable for zakaat on the money in her investment account (which I contribute towards) or am I?

2. If we have a joint savings account (in both our names), who is responsible for the zakaat in this account?

3. Since we are married in-community-of-property, would she be responsible to pay zakaat on any investments that are in my name?