Aslamalaykum
I would like to know do I pay Zakat on money owed to me. Do I pay zakat on it when i receive it back or do I pay even when it is not in possession.
Jazakallah
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I would like to know do I pay Zakat on money owed to me. Do I pay zakat on it when i receive it back or do I pay even when it is not in possession.
Jazakallah
Yes You have to pay Zakat once you have reached the Niswab for your currency. Niswab is one measure which checks whether you are able or not to pay Zakat.