I would like to be clear enough before putting forth my questions to you. As I have purchased a flat for myself and for the sake of payment , I have taken loan from two of my friends amounting to rupess 2.5 Lacs and for the balance I have given my another flat on heavy deposit of Rs. 3.0 Lacs (For a Period of 11 months excluding (electricity Bills / water Bills and society Maintenance which are to be born by the tenant)There is no amount to be taken from the tenant that we can say as rent and after the completion of the said contract (i.e. 11 months ) I have to return the said amount of 3.0 Lacs in full back to the tenant.
So now my questions are: (1) For the payment of Zakat Should I deduct both the loan amount from booty? (2) Is giving house on Heavy Deposit, the way I have given acceptable in Shariah?
So now my questions are: (1) For the payment of Zakat Should I deduct both the loan amount from booty? (2) Is giving house on Heavy Deposit, the way I have given acceptable in Shariah?
بسم الله الرحمن الرحيم
(Fatwa: 1678/1229/H=11/1434)
(1) You should give zakah of wealth (payable for zakah) after deducting the amount of debt.
(2) It is unlawful.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband