I have question about zakah calculations. I took some Shariah compliant loan from Islamic bank to build a house for me and my family residence and I am living in it. From the same money, I purchased an unconstructed piece of land with the intention to sell it in future for personal use or gift it to my children (especially daughters) on their marriages. I am still paying back the loan to the bank and will continue doing this for next 2 years until it is paid fully in-shaAllah. I have also some End of Service benefits amount accumulated which I can see while visiting my company profile but it is still with the company and has not been paid to me until now. It is like Provident Fund which is paid at the time of retirement or leaving the company. I am contributing to a saving scheme every month as well (which is also Shariah compliant). Could you please provide me explanation with Sahih Hadiths to calculate my zakah correctly?
بسم الله الرحمن الرحيم
(1) Zakah is not wajib on PF right now. After you are retired and receive the amount and the nisab of year is complete then zakah shall be wajib.
(2) Zakah shall be wajib each year on the saving schemes.
(3) If you have bought the land with the intention of business then zakah shall be wajib each year on its current value.
(4) Zakah shall be paid in a way that you should evaluate the value of whatsoever cash, silver or gold you own and deduct whatsoever amount of loan is due on you in one year and then pay zakah on the remaining amount with a rate of 2.5%.
Allah knows Best!
Darul Uloom Deoband