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I am selling my business and like to know how much zakaat i am liable for. My fixtures and fitting valued at r250000 and i am selling for r750000.stocks is seperate and i will pay 2.5% on the value once calculated.beside the stock how much more must i pay.sukran.

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I am selling my business and like to know how much zakaat i am liable for. My fixtures and fitting valued at r250000 and i am selling for  r750000.stocks is seperate and i will pay 2.5% on the value once calculated.beside the stock how much more must i pay.sukran.

Answer

In the name of Allah, Most Gracious, Most Merciful


Assalaamu `alaykum waRahmatullahi Wabarakatuh

 

Regardless of the value of the items, you will calculate zakāt based on the total amount of money (including gold and silver) you own, minus all expenses, at the end of your zakāt year. 

Therefore, in this case, the value of fixtures and fittings being R250,000 is irrelevant.  Rather, you will add R750,000 (the price you received after selling the items) to the rest of the money you own, subtract your expenses, and pay 2.5% zakāt on it at the end of zakāt year. 

 

And Allah knows best

Wassalaamu `alaykum

Ml. Abrar Mirza,
Student Darul Iftaa

Checked and Approved by:

Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah

 

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