Q: I took a loan from my wife to purchase a car. The value being for example R30,000. I have paid her R5,000 thus far. Thus, I am in debt of R25,000. Question: If I have cash and jewelry to the value of R28,000, what amount will I pay Zakaat on? If I have cash and jewelry to the value of R20,000, will Zakaah need to be paid? Will my wife be liable to pay zakaah on the R25,000 I owe her?
A: 1) With regard to your cash and jewellery to the value of R28,000.00 you must deduct what you owe on the car (R25,000) and pay zakaat on the balance, which is R3000.00. Zakaat on this amount is R75.00.
2) Zakaat on cash and jewellery to the value of R20,000 has to be paid. But if after deducting your debts, the balance is less than R3,000. (which is the nisaab of zakaat), you don’t need to pay zakaat.
3) Your wife does not need to pay zakaat on the R25,000 you owe her right now. When she receives payment from you of R3,000 or more, then she must pay zakaat on that amount.
And Allah knows best
Mufti Siraj Desai
Find more answers indexed from: Askmufti.co.za