zakat for gold

Aleeza24 · May 14, 2009, 5:41am

i am currenly buying jewellery for my wedding and my sister was telling me that dont buy so much gold because you will have to pay zakat every year…so i would like to know how much do we have to pay for gold zakat…is there any percentage per tolla

firbird · May 14, 2009, 9:25am

Re: zakat for gold

[quote]
The prophet (pbuh) said: "Any owner of gold and silver who does not deliver from them their right, on the Day of Quiyamah (Day of Judgment), (the gold and silver) will be shaped as foils of fire. Then it will be heated in the fire of Hell; (and) then with it he will be ironed on his side, his forehead, and his back"
[/quote]
Zakat is payable as 2.5% of the value of the gold each year.

TabuB · May 14, 2009, 9:28am

Re: zakat for gold

Very true...but can someone seriously put their hand on their heart and agree that they pay the amount they should??

If we all paid the correct amount then 2day there wouldnt be a division between poor and rich...i believe this was one reason why we gave zakat...so no one is poor or rich..everyone is the same....(pls 4give me if im incorrect-Im not very knowledgeable)

Aleeza24 · May 14, 2009, 9:54am

Re: zakat for gold

yea i agree that zakat is for poor so that there wont be gap between poor and rich…you can read this article IslamiCity.com - Zakat

well i wasnt sure about the percentage thats why i wanted to confirm…i would also like to know how much does we have to give zakat of our income…is it 2.5 % percentage of your annual income…

firbird · May 14, 2009, 11:59am

Re: zakat for gold

I believe that there is no zakat for the first 85g of gold, only anything above that. and anything about 595g of silver.

as for income, as far as I know its meant to be 2.5% on disposable income (so the money you have left over after you're paid the mortgage, bills and food) or any savings

TabuB · May 14, 2009, 12:02pm

Re: zakat for gold

some molvis also say that if u have a loan on u such as a mortgage then zakat is not payable as u...coz if ur going to give that much zakat and then struggle 2 pay ur mortgage..where would the commonsense be in that? But only Allah knows best...a lot of people start rumours such as these

midnighteyes · May 14, 2009, 1:21pm

Re: zakat for gold

You dont calculate for the gold seperately, but combine it with the rest of your wealth. There is a minimum limit, called the nisaab, if your wealth is over the limit of nisaab for over a lunar year, then you pay 2.5% of its total worth in zakat. I dont know what the nisaab is exactly now, something about $1,000 perhaps. So if you buy even a small amount of gold you will probably be over the limit and have to pay. But you dont calculate your gold wealth seperately from your cash wealth. Like if you have $10,000 in the bank and only $500 worth of gold, you dont say that your gold is under nisaab so you dont have to pay on that, you have to combine all the wealth first and then take 2.5% of that

If you really dont want to pay zakat, then you can convert all your wealth into diamonds But I dont see paying zakat as something we should try to get out of or avoid --its a great thing and a huge blessing to actually BE a person who is supposed to pay zakat --because only imagine if you were on the other side, as a person who is in need of zakat!!

midnighteyes · May 14, 2009, 1:23pm

Re: zakat for gold

[QUOTE]

Very true...but can someone seriously put their hand on their heart and agree that they pay the amount they should??

[/QUOTE]

Depends on the person I guess! Everyone I know does take paying their zakat very seriously --as it is something very serious!

Aimee · May 14, 2009, 3:05pm

Re: zakat for gold

^^ I totally agree with you, most muslims do take zakat very seriously and its a good thing alhamdullillah.

Sahinal · May 14, 2009, 4:15pm

Re: zakat for gold

I pay zakat on my gold every yr. I take it very seriously.....and follow a zakat calculater I found online...I backed it up by asking local Masjid if its the correct formula.

Also I wouldnt hesitate to buy gold bc of Zakat.....Zakat is a beautiful way of Muslims to help the poor out. I see it as there right.

Ali_Usman · May 14, 2009, 4:19pm

Re: zakat for gold

you have to pay zakat every year on gold, if the gold is equal to or more than 7.5tola at the rate of 2.5%. If you donot have cash then you can sell some of the gold and pay zakat. if it is less than 7.5 tola then no zakat on it.

So you can have less than 7.5 tola.

Aleeza24 · May 17, 2009, 1:46pm

how many grams is 1 tolla

nabz · May 18, 2009, 5:20am

^
can you please give us the source of this 7.5 tola information? i'm really interested to know where, how and why that amount was set.

snazzy · May 18, 2009, 5:22am

I agree with this 100%. Don't think about how much zakat you will have to pay: it is only 2.5% of what the weight of your set is worth (I think that's how it works). If your set weighed 10 tola, you would have paid over $4000 for it and the zakat should be around $100. Don't see it as "oh I don't want to buy this because I don't want to pay zakat"- think of it as "I am happy i have this, and i will give zakat to remember those that are not so lucky".

I never thought anyone DOESN'T pay the amount that they should- it's such a small amount. Maybe I am just naive. Keeping zakaat is like stealing from the poor. And I disagree with TabuB- I don't think that we could eliminate poverty just from zakat. People pay like 25% of their INCOME (i.e. before people have spent it) in taxes in the US, and there are still many below the poverty line in the US. And many socialist nations have like 50% income tax or more, only those nations have successfully eliminated wealth disparity.

SaadiaB · May 18, 2009, 7:14am

Re: zakat for gold

thank you all for reminding us of our duty! I must admit I started paying zakat for gold last year, as before that I was in debt coz of my apartment.