JonSnow Staff asked 4 years ago
I have gold jewelleries (a mixture of both 22K and 24K) weighing 85 grams in total. All of them have been owned for atleast one year. In this total is included a ring with a pearl. When I exclude this item, the total weigh amounts to 80 grams. I am not sure whether I should be taking out the Zakaat this year. As regards to cash at bank, I have a balance which is below the Nisaab amount. This has not been for more than one year. I also currently have debts outstanding (on hire purchase which I took out recently). The total amounting to around Rs 50,000.
JonSnow Staff answered 4 years ago
Please evaluate the jewelleries up to date. Take that amount and add to the cash you have at bank. Then take the sum and substract the amount of debts payable for one year only. If the sum exceeds nisaab, then there is Zakaat. Else no Zakaat applicable.