As we all know that Ramadan is once again not so far now, and it would be the time for every Muslim to donate zakat to the charities or the people in need.
Please correct me if I am wrong here and would be great if you could support your answers by quoting resources.
Qustions 1:
As of explaination for zakat, it is paid on the assets possessed by you for a complete lunar year. The assets have to be volatile? like cash, gold, silver, diamonds? it does not include the house you own? or the car you own? however, you can still sell your house or car whenever you want and convert them into cash.
Question 2:
If I have for example £2000 worth of assets now but £500 of which I got only last month, but I knew I would get this amount. Do I have to pay zakat on £2000 or it would be only £1500?
Just like if you have a constant source of income paid every month. Do you need to pay zakat on all 12 monthly income amounts you got this year (these dont complete one lunar year)? or only the monthly income which you have held for 1 complete lunar year?
Question 3:
There is a threshold for zakat called “Nisab” (Nisab is some value related to current rate of gold in the market) and every muslim having wealth over this threshold must pay zakat. But the amount of zakat is based upon the amount which is in excess of this threshold?
for example, Nisab as of today is around £1000 so if you got £1500 worth of assets, you only pay zakat on the excess £500? or you have to pay zakat on the total £1500?
Jazak`Allah and thanks very much. (and thanks also to the trolls who give their funny answers and make me laugh on their stupidity)
@ oops
sorry mate but thats not true. £2000 was just an example, I didnt say I have that much. Besides, if I was trying to get away with anything I wouldnt have paid since I became obliged to pay.
@ oops again:
My purpose of asking is merely to know whether I am paying the right amount or not.
@ Rosy
yea your first answer clicks a bit but its really hard to determine whether a certain asset is used for business or personal purpose. But if you mean that zakat is obligatory on a house given out for rent (business purpose) then in fact house is earning you money periodically which again means that if zakat is obligatory on this house then its also obligatory on your monthly wages e.g. from a job.
I`d prefer giving zakat in Ramadan, I have been told that any good deed you do in Ramadan earns you far better reward than if the same good deed was done in other days.