I have gold weighing 225 gms approximately. On the other hand, I also have loan of Rs. 3,00,000 on me. But, I do not want to sell the gold to repay the loan as it is not easy to purchase gold whose rates are always increasing. Do I need to pay zakat on my gold.
Answer
(Fatwa: 748/747/M=1432)
How would you pay your loan when you do not want to sell your gold? If you have rupees other than gold, you should pay your loan with rupees. In this case, you will have to pay the zakah of the total gold. If you do not have any thing except the gold, then if the remaining gold is equal to nisab after deducting amount equal to the loan, you will have to pay the zakah of the rest gold.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband