I have 70000 cash in bank, but within this month (in 1 week time) I need to pay 50000 to the bank for my liabilities. Do I have to pay zakah on 70000 or (70000-50000 = 20000). Please clarify.
بسم الله الرحمن الرحيم
(Fatwa: 1320/902/L=10/1435)
In the above mentioned case, zakah shall be wajib only on 20000 rupees provided you possess other wealth which makes you sahib nisab and one year has passed over it.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband