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I have read in a book that if there is an outstanding debt of R120,000 on a house worth R120,000 the entire amount is exempt from Zakaat. Is that correct?

Answered as per Hanafi Fiqh by Askimam.org

If that is the case, one will not pay Zakaat for many years.

Answer

The ruling contained in that book is incorrect. Only the amount that is
due for one year will be regarded as a liability. (Shaami vol.3 pg.177;
Lebanon)

From: Al Mahmood 13 Q & A from the Darul Ifta
Mufti Ebrahim Desai

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This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.

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