Right , so I got about 20 tola gold jewels … all items are used in day to day wearing …
some told me that i must pay zakat for all gold above 7 tolas
some tell me dont have to pay zakat on gold if you are wearing them day to day.
Whats the ruling guys ?
Re: Zakat Question
k we got it ... u got 20 toa gold lols ;)
kidding
one has to pay 2.5% of one's cash money, capital, stock, tradeable assets including gold, silver which one was in possession for one full year. it is not an income tax which is levied on one's income but it is levied on one's savings.
No zakat is to be paid on land, houses for personal residence and other goods in daily use.
A proper scale for assessment has been fixed, for instance 620 grammes of silver and 87 grammes of gold are liable for assessment. Stock in trade, houses that are rented and bring income are assessable after every 12 months.
Jewllery in the form of gold and silver in one's use or which is loaned for use to poor frd is not assessable. It is preferable that the rich ppl should pay Zakat on their jewellery in their own use but which is not loaned to the poor at all. it brings merit but not compulsory. But the jewllery of gold and silvery which is not in use is definitely taxable. Zakat has to be paid on this every year so long as it falls above the minimum level of assessment as specified above.
If you read Surah Al-Tauba it explains you about zakaat.... verse 60 outlined the spending of the zakat in 8 diff categories........
Re: Zakat Question
If you own gold over 7 tolas you have to pay an annual zakat on it no matter what. You neight to find the exact weight and use any Internet zakat calculator to help you determine the amount.
Re: Zakat Question
^Yep. Doesn't matter if you wear them or not.
I meant need.
Re: Zakat Question
Thanks so much guys ...Paying zakat on all gold over 7 tola's is my belief as well .. In Pakistan people have twisted the religion in so many ways .... they kept insisting that one doesnt have to pay zakat on things they wear day to day ... totally senseless though.
I have a question. Suppose, a lady got 10 tolas of gold in dowry from her parents.
Her household income is very nominal and her family is hardly saving any money. Now she has to pay zakat on this gold. The amount calculated is beyond their savings and they have to sell some of the gold to pay the zakat. Hope you are getting my point. I think there is something missing here. I need expert opinion.
I have a question. Suppose, a lady got 10 tolas of gold in dowry from her parents. Her household income is very nominal and her family is hardly saving any money. Now she has to pay zakat on this gold. The amount calculated is beyond their savings and they have to sell some of the gold to pay the zakat. Hope you are getting my point. I think there is something missing here. I need expert opinion.
In that case she should give Zakat to her husband and her family...What is the purpose of having so much gold if they cannot afford to eat.
