I understand zakat is payable on jewelry and savings. My question is my house has equity of $300,000 right now but that is not real money. It could be zero tomorrow because of COVID or the way economy is crashing. Does that count for zakat?
I understand zakat is payable on jewelry and savings. My question is my house has equity of $300,000 right now but that is not real money. It could be zero tomorrow because of COVID or the way economy is crashing. Does that count for zakat?
It's likely that those who have purchased multiple homes - mortgaged, not fully paid-off - will find that they risk loosing all their property/investments due to e.g. not receiving rent and subsequently being unable to meet payments. Even single home owners will face difficulties. What happens in the future only Allaah knows, but there is the threat of depression in many countries e.g, US, UK & Europe.
Why not consider selling your property & rent instead? Avoid waiting around for major problems to occur. If you have roots abroad then purchase property/land abroad. With that amount (even a fraction of ) you could purchase decent apartment/home in many countries.
We Muslims have to invest in our own countries. We complain that our countries are backwards, dirty and corrupt. Will they not be when we flee to Britain & America in order to live the "false dream"? We flee and taking most of the capital with us, leaving crumbs for our own lands
May Allaah protect you & your family and the Muslims.
I'm currently studying these rulings with a scholar.
Zakaat us payable on gold and silver, but no other jewellery, even if you have lots of pearls for example there is no zakaat on them (unless they are for trade purposes).
There is also no equity on a house you live in, as it is considered a basic need.
Zakat ke Aham Masail [URDU] - زکوٰۃ کے اہم مسائل
السلام عليكم ورحمة الله وبركاته. زکوٰۃ سے متعلق موجودہ وقت کی مناسبت سے بہت ہی اہم اور جامع معلومات۔ عنوان : زکوٰۃ کے اہم مسائل - کب فرض ہوتی ہے۔؟ - کو...
There is no Zakaat. The only case in which zakaat is wajib on property (land and/or building) is if the property is purchased with the intention of sale. This intention must exist at the time of purchase for Zakaat to be wajib. If you happen to sell it later, that does not make Zakaat wajib as it was not your initial purchase intention.
For anyone in USA, is there any zakaat on your 401K retirement? I say anyone in USA because outsiders will not understand 401K retirement plan. No offense intended.
I have a US (California) 401k. I got advice from a scholar last year, and he said that Zakaat is wajib. You have the choice of either paying annually or at the time of withdrawal. I think it's generally recommended to pay annualy if you can, but I can't speak to why.
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