Answered by Ustadh Salman Younas
Question: I would like to ask that I have taken a gold loan and at present the gold is in the bank. Kindly tell me if I have to pay zakat on this? If yes, how to calculate it?
Answer: assalamu `alaykum
Yes, you would have to pay Zakat on such gold.
You will need to calculate the total market value of the gold and any other zakatable assets you have and pay 2.5 percent of that. You can find how to calculate your Zakat in more detail in the following answer:
Zakat: How to Calculate & Whom to Give
Salman