Answered by Ustadh Tabraze Azam
Question: Salam we have 320 grams of gold jewelry but we have long term home loan and car loan which we are paying in instalments. We have also some amount in shares. How can we calculate the zakah?
Answer: Wa alaikum assalam wa rahmatullahi wa barakatuh,
I pray that you are in the best of health and faith, insha’Allah.
You should calculate the sum of your zakatable assets and minus any immediate debts and expenses. You would then pay zakat on the resultant, net amount if you had been in possession of the zakatable minimum (nisab) [see: e-nisab.com] at the start and end of the zakat year.
With regards to long term debts, it is superior to deduct the next, upcoming payment. At most, you can subtract an entire lunar years’ worth of payments, yet not more than that [i.e. the entire debt, if due in multiple years.]
Please see: Zakat: How to Calculate & Whom to Give and: Zakat & Long-Term Debts and: How is Zakat Determined for Stocks?
And Allah alone gives success.
Checked & Approved by Faraz Rabbani