If a man is 15 lakh in debt and he has jewellery worth 5 to 7 lakhs,a house worth 40 lakh which he has constructed and is planning to live in it and is having no other properties and has cash about 2 to 3 lakh.Is it necessary for him to pay zakat and if yes how much?
Answer:
(Fatwa: 1551/1555/M=1430)
There is no Zakah on the value of the house built for residing. His debts are more than all the jewels and cash he owns, rather he then also will remain under debt; therefore there is no Zakah on him.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband