Recently Acquired and Saved Money in Zakat Calculations


Hanafi

Answered by Ustadh Tabraze Azam

Question: We bought some gold two months ago.  Do we have to pay zakat on it, or it is only taken out on gold which I have more than one year?

And also my husband has saved some money from his pay check since January 2012 to buy a house. We have had that money for 7 months.  Do I have to pay zakat on it as well. or only the money which we have had for one year. Also, would he have to pay zakat on the paycheck he received this month?

 

Answer: Assalamu alaikum wa rahmatullahi wa barakatuh,

I pray that you are well, insha’Allah.

One adds the wealth gained during the zakat year to the wealth which is already in one’s possessions. [Shurunbulali, Maraqi al-Falah; `Ala al-Din `Abidin, al-Hadiyya al-`Ala’iyya]

Hence, you would include your recently purchased gold, recent pay checks, and other saved money and assets in your zakat calculations.

See: Zakat: How to Calculate it and Who to Give it to

And Allah alone gives success.

Wassalam,

Tabraze Azam

Checked & Approved by Faraz Rabbani

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