On 1st Jan 2004 I had 3600$ in my account crossing the Niassab first time. Thereafter I kept getting almost equal amount every month and also kept using it. At one stage I had only 38 $ in my account. I am expecting to have a balance of about 12000 $ by 1st Jan 2005.Please tell me, (1) How much Zakat I shall have to pay and when. (2) I purchased a plot for 9000$ in Apr 04 taking out money from same account the intention while buying was to sell it later. Do I have to pay Zakat on this, if yes, when, now or when I sell it. (3) I also purchased Gold, 16 Tolas in Jul 04 and gifted to my wife , when Zakat will be due on this.
1. On the first of January 2005, whatever amount you have, you must give 2.5% of that even if the amount decreased during the year. (Noorul iedhaah pg.156). If you purchased a plot with the intention of resell and it remains till the first of January 2005, then the value of the plot will be added to your account. After selling, whatever amount you have Zakaat will be discharged on it. (Tahtaawi pg.588)
2. After one year, Zakaat will be due on your wife’s gold. (Noorul iedhaah pg.156)
and Allah Ta’ala Knows Best
Mufti Ebrahim Desai