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........