I am confused on how much my zakat is. I have had my gold for more than a year, almost 1.25 years and havent paid my zakat.
I am putting round about rough numbers here not real values but please calculate based on these in rupees and in pound.
House - rented
The loan cant be paid using the gold right now due to a reason so this is the scenario. There is no other cash in handy except the regular salary.
So tell me now, as per today’s rate gold per tola in Pakistani rupees is. rs. 48800.
So its 28 x 48800 x 0.025 = Rs. 34,160
Taking today’s pound rate its rs. 149 per pound.
So then total zakat is: £229
Is that so? Am i calculating correctly? What about the loans?
Re: Plzz calculate my zakat for me
loan complicates it, otherwise the calculation that you have done for gold seem right.
psyah
July 11, 2013, 2:42pm
3
Re: Plzz calculate my zakat for me
28 tolas is most likely the weight of a 22k set, which means you need to account for purity.
0.916 x 28 (22k gold) = 25.5 tolas pure gold
At 48,872 Rs per tola ... That makes a value of ..
48,872 x 25.5 = 1,246,236 Rs
at 149 Rs per £ that is ... £8364
the loan is £4000 ... So take £8364 - £4000 = £4364 (zakatable amount)
at 2.5% that is. .... 0.025 x £4364 = £109
Plzz calculate my zakat for me
I am calculating mine these days as well. I didn't know you had to subtract the loan amount.
What's the 0.917 value? Does this value to calculate pure gold remain constant?
psyah
July 11, 2013, 9:15pm
5
Re: Plzz calculate my zakat for me
I am calculating mine these days as well. I didn't know you had to subtract the loan amount.
What's the 0.917 value? Does this value to calculate pure gold remain constant?
Yes, zakatable amount is calculated on your net assets not your so possessions are considered gross assets and debts including loans are considered negative assets.
0.916 is a factor for 22k gold, but there are other factors to use for lesser purities of gold ...
It is because the index for gold that we check up is based on 24k gold ...