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How should one calculate Zakat when they have bought something on credit?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
My question is: should a person give zakat if he has bought a truck of 3 lacs but he paid 2 lacs for that and remaining 1 lac is credit, in this situation he neither can pay the zakah but he is having a truck of 2 lacs and 1 lacs as credit?

Answer

(Fatwa: 329/240=H)

Until the debt is paid there is no zakah either on the truck or on its revenue. Yes, if you have extra cash, gold, silver or business commodity then mention all the details and ask the question again.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

Original Source Link

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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