I want to know if ZAKAT is a must on a person even if he/she has an almost equal share of assets and depths.
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I want to know if ZAKAT is a must on a person even if he/she has an almost equal share of assets and depths. Is such a person entitle to remove zakat? Please let me know enabling me to follow the facts.
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Every believer, regardless of whether man, woman, or child, who has excess wealth (over the nisaab) of their own, is liable to pay a 2.5% annual zakat of their nett excess wealth in Shariah.
Zakat is not determined from ones earnings, but rather on ones net excess wealth which is left over after paying all their expenses, and it has been in their possession for a period of one calendar year. There is no zakah liable on the house one lives in, or the furniture and fixture one uses in their house, or the car one drives, etc. But if one has property which one has bought as an investment, or spare vehicles other the one one drives, or jewelry, or any other excess assetthen zakah would be liable on these excess wealth and property.
Any asset, or wealth, or cash, or savings, which are left over after all of ones expenses are paid, and that excess savings and wealth has been in their possession for one full calendar year is liable for payment of annual zakat at 2.5% of its value.
Your Question: I want to know if ZAKAT is a must on a person even if he/she has an almost equal share of assets and depths. Is such a person entitle to remove zakat?
One is liable to pay ones zakah, if the total value of ones nett excess assets is over the minimum nisaab of approximately US$1,000.00 and the assets have been in ones possession for a period of one calendar year.
Nett Assets = Total Assets ( minus) Total Liabilities.
Thus for example if ones total nett excess assets (excluding the house one lives in, the car one drives, etc.) are $5,000.00 and the outstanding loans or debts or liabilities one has to pay are also $5,000.00; then the total nett excess assets of the person are $0.00! Such is person is not obliged to pay any zakah for the current year.
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