Ãsak I would like to know is giving zakat compulsary for the person who is not earning but has little bit of savings. I used to had a job year ago but now I don't have any job but I had some savings left earned while I had a job. So I would like to know whether it is compulsory to give zakat in this situation and if yes how to calculate it?
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Zakat is on savings that have been kept for a hawl (lunar year) and which reach the nisab. Sadaqa al-fitr is something different.– Medi1Saif ♦Commented Apr 26, 2021 at 2:07
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1 Answer
If 1 year (Hijri Year) past on saving and savings are below then have to give Zakaat.
- Only gold in saving and more than 7 tola
- Only silver in saving and more than 52.5 tola
- Only cash in saving and has value more than or equal to 52.5 tola silver
- Have combination of Gold/Silver/Cash and sum of whose value is more than or equal to 52.5 tola silver
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As no one knows what the amounts mean we say in our community that, as a rule, we pay zakat according to our stately tax income.– JeschuCommented Apr 26, 2021 at 18:54
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@Jeschu Not sure what you are talking about. This answer mentions the Nisab, i.e. the minimum amount of stored wealth on which Zakat is due. If you are unfamiliar with these units of measurement then see this for metric ones. The amount of Zakat for such assets is always 2.5% of savings, it has no relation to income.– UmH ♦Commented May 27, 2021 at 7:15
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Through your information it would be possible to calculate the savings exempt from zakat according to the original rules using present stock market prices. We would then have to make an extra calculation for zakat. For ease, we use both income and wealth with the reductions according to the stately tax rules to calculate zakat.– JeschuCommented May 27, 2021 at 15:01