I would like to know few details on zakah. (1) Zakah is given if one has 7.5 tola of gold and 52.5 tola of silver. How much will it be in grams? How much is one tola?
(2) If one person has 200 gram gold and 55 grams of silver, 2.5% of zakah is calculated on gold value or silver value cost.
(3) If one person has 200 grams gold and is eligible to pay zakah and has Rs.10,000 in bank. Should he pay zakah also for Rs.10,000 apart from gold or will it be separate calculation for currency or will the zakah on cash be exempted as this Rs.10,000 amount is lesser than the value of 7.5 tola of gold.
(4) For Income Tax exemption I am paying yearly Rs.6,000 as PPF (Public Provident Fund) this is not the regular Provident Fund which is given by the company. In this PPF one can pay monthly or yearly as per his convenience and the paid amount will be received only after 15 years. Should I pay zakah for on what I am paying yearly (Rs.6,000) or should I pay after getting entire amount?
(2) If one person has 200 gram gold and 55 grams of silver, 2.5% of zakah is calculated on gold value or silver value cost.
(3) If one person has 200 grams gold and is eligible to pay zakah and has Rs.10,000 in bank. Should he pay zakah also for Rs.10,000 apart from gold or will it be separate calculation for currency or will the zakah on cash be exempted as this Rs.10,000 amount is lesser than the value of 7.5 tola of gold.
(4) For Income Tax exemption I am paying yearly Rs.6,000 as PPF (Public Provident Fund) this is not the regular Provident Fund which is given by the company. In this PPF one can pay monthly or yearly as per his convenience and the paid amount will be received only after 15 years. Should I pay zakah for on what I am paying yearly (Rs.6,000) or should I pay after getting entire amount?
Answer
(Fatwa: 1758/B=399/TB=1433)
(1) The nisab of gold is 87 gram and 480 milligram, while the nisab of silver is 612 gram and 360 milligram. One tola is equal to nearly 11.5 grams.
(2) Pay 2.5% as zakah out of the total value of 200 gram gold and 55 gram silver. The nisab of silver is taken into consideration.
(3) Gold is wealth and the money which is in the bank is also wealth. Hence the value of gold shall be combined with 10 thousand rupees and zakah of the total amount shall be paid.
(4) It is wajib on you to pay its zakah of whatever amount you have deposited in your PPF. It is wajib to pay each year.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband