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How much zakat on Rs 4,00,000 with Rs 2,000 loan repaid after 10 yrs?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
I have two questions in my mind plz let me clear about the following questions. 1.I had purchased a plot on 03/05/1999 for Rs 1,00,000 for the purpose of business in addition to residential house. This plot now has been sold for Rs 5,00,000 i.e. providing profit for Rs 4,00,000 Pertaining to the period of 12 yrs. Kindly let me know how much zakat is payable by me from 03/05/1999 to 02/05/2011. 2.A sum of Rs 2000 was granted loan to my near relative 10 yrs ago. After the expiry of ten yrs this loan has been refunded by my relative. Kindly let me know how much zakat is payable by me pertaining to the period of 10yrs.

Answer

(Fatwa: 857/L=323/TL=1432)

(1) If you did not purchase the said plot purely with the intention of business rather bought it for yourself and you had the intention in your heart that in case of profit you would sell it then the zakah of previous years is not wajib on that plot. Zakah shall be wajib after the plot is sold as per the said conditions.
(2) If you constantly had a sum that makes one owner of nisab during these ten years, then you have to pay zakah of those two thousand rupees. The method of paying zakah is that first you pay 50 rupees as the zakah of two thousand rupees. While in the second year, you will pay the zakah of 1950 rupees. And in the same way, each year after deducing the amount of wajib, you will pay the zakah. This ruling is in case when you were owner of nisab each year and if you have not been owner of nisab, then zakah is not wajib on you at all. In the same way, if you are not owner of nisab in any particular year, then zakah of the year shall not be wajib.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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