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Is Zakat applicable on the money,gold and other items kept by parents as marriage gift for their children.

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As you didn't mention all the kind of gifts you refer to. You should know that any kind of wealth about which we know that it is a duty to pay zakat from if it reaches the nisaab (the amount which is the lower limit to obligate zakat) and a full lunar year (hawl) has past with it in our possession is a due to zakat, be it money, gold, silver, cows, sheep etc.. It doesn't matter if it was considered as a later gift, as even later it would be a due for zakat for your children if the conditions of zakat are fulfilled (nisaab, hawl).

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