Please tell me about zakat on wedding gold jewerly… today I was talking with my cousin in pak and she was telling me about the high gold prices and I proudly tell her that if I sell now I must now be getting 130% profit, then she asks me if I give zakat on my gold jewerly, I said no, we asked someone here and they said its not necessary on gold jewerly that you get on wedding (the person is bosnian, so they must not know how much jewerly we pakistanis get)
So I am now confused, do we have to give zakat on wedding gold jewerly ?
Please tell me about zakat on wedding gold jewerly... today I was talking with my cousin in pak and she was telling me about the high gold prices and I proudly tell her that if I sell now I must now be getting 130% profit, then she asks me if I give zakat on my gold jewerly, I said no, we asked someone here and they said its not necessary on gold jewerly that you get on wedding (the person is bosnian, so they must not know how much jewerly we pakistanis get)
So I am now confused, do we have to give zakat on wedding gold jewerly ?
Not correct. If you read Quran there is no mention of "no zakat on gifted gold". As long as you qualify for "sahibul nisaab" (someone who owns wealth enough which becomes subject to zakat) then you have to pay zakat regardless of source of gold/wealth (bought, got gift, got inheritance etc.).
Paying zakat is Fard (compulsory). The Qur’an says that only those who pay zakat are in the “brotherhood of faith”.
The Holy Qur’an also says that Zakat purifies assets and creates virtue ( SU:9 103 ). The method of estimating the Nisab (minimum amount liable to Zakat) is applicable to cash money, gold, silver, commercial commodities and cattle.
According to a prophetic hadith, “Gold is not liable to Zakat unless it reaches twenty dinars. Once it reaches this amount, half a dinar must be paid as Zakat on it. Likewise, silver is not counted for Zakat unless it reaches two hundred dirhams. Once it reaches this value, an amount of five dirhams must be paid as Zakat on it.” Based on this hadith the Nisab of gold counted for Zakat is twenty dinars (85 grams) of fine gold, while the Nisab of silver is two hundred dirhams (595 grams) of fine silver. The Nisab of merchandise is an amount whose value equals eighty-five grams of gold. No Zakat is due upon other kinds of property unless they reach their Nisab, . Zakat becomes due upon reaching the Nisab or more than it.
According to the Hanafi and Maliki juristic schools, the Nisab is calculated at the beginning and end of the year. Any decrease or insufficiency in between is overlooked. Any increase of property after reaching the Nisab during the year is to be included in the total sum counted for Zakat. This is considered the easiest and most applicable among the other juristic views, which has made the majority of scholars adopt it.
Zakat is given on excess. If the jewelry is part of your normal routine wear then no. If you are keeping it as an investment then yes give Zakat on it. Excess has no definite amount, it depends on your status of living. Though everyone uses the same thresholds from the time of Prophet SAW to determine excess.
This is what I understand: When you possess gold, it is yours. Meaning that if you were to sell it off, you would get money for it regardless of whether you wore it or not. It is a type of saving. Therefore, zakat must be paid on it. Please do verify from authentic sources, though, just to be sure.
Niksik perhaps it depends on what school of thought you follow? I just find out that Hanafi school of thought says that you must pay zakat on gold even if you wear it....so you are correct in your assumption. :)
Niksik perhaps it depends on what school of thought you follow? I just find out that Hanafi school of thought says that you must pay zakat on gold even if you wear it....so you are correct in your assumption. :)
Allahu Alim.
That's correct Angel Eyes. My assumption is based on the Hanafi school of thought. :)
So the safest way to go about giving zakat is to pay it on every bit of gold u own, whether it was a gift or not and whether u wear it often or not. But can someone clarify, that u only have to pay if it’s more than 7.5 tola…
A few more Qs:
When are you supposed to give it and how?
How do i determine what amount i have to give? do i take all my zevar to a jewelery store and they weigh it for me and price it and that percentage, is what i have to pay? Sorry i have no idea, please clarify!
My in-laws and parents told me that i have to start paying it after i’ve been married for a year and it has to be before Ramadan.
This is one thing i want to do but i don’t know if what i earn will be enough to cover this amount.
We have a weighing scale at home, like the one you use in the kitchen for measuring flour etc. I weigh ALL my gold jewelry, then all my silver jewelry. One must have more than 7.5 tola gold, and more than 52 tola silver to qualify for zakat.
Then I use an online zakat calculator to come up with the amount. We usually give our zakat during ramadan to the Masjid because they have the facilty in our local masjid to receive zakat payments and then distribute to the needy accordingly. However, if you know of a needy family, you can give it to them directly. Giving in ramadan is encouraged because all sawaabs are increased in this month. However, you can give zakat any time during the year, in one payment or broken up into several payments.
Sorry i have no idea, please clarify!