Dear Mufti sab, salamalikum, kindly advise how to calculate zakat. my wife have gold jewellery more then 10tola (means more than nisaab) i purcahsed a small house (in her name, might use for residence or renting not decided yet) by taking loan from Bank with interest+from my office+personal loan. bank and office loan will be payable in 3 years, and personal loan in a year. i have one small piece of land empty (purpose of use not decided yet). no bank balance in view of above please answer the folling: 1. how to calculate zakat 2. i paid almost 20% interest to bank (how to repent, if it is not permissible) Awaits for your reply.
Answer:
(Fatwa: 1075/912=D/1430)
Your wife will have to pay the zakah of her wealth from the years when she owned wealth equal to nisab. At the end of a year, she will calculate the price of the total gold and silver and pay the Zakah accordingly. Likewise, she will do the same for the other years. There is no Zakah on house and its price.
(2) Taking loan and giving the interest, both are major sins. Repent to Allah and seek His forgiveness excessively until you are satisfied that Allah most probably has forgiven you.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband