Suppose the Nisab amount for Zakat is $1000.00. It stayed with me for the whole year. Just a month ago I received another $2000.00. Now my net wealth is $3000.00. Today while calculating Zakat, should I take out Zakat only for $1000.00 on which 1 year passed, or should I take out Zakat for my net wealth $3000.00. Jazakumullah. Assalam-o-Alaikum!
Answer
If you obtained the surplus $2000 after one year passed over the $1000, then you do not have to give Zakat on the $2000
However, if you obtained the $2000 before one year passed over the $1000 then you have to give Zakaat on the full $3000
and Allah Ta’ala Knows Best
Mufti Ebrahim Desai