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I am govt. employee, I have purchased House on loan. I am having about Rs. 10 lakhs loan. I am also having about 4 lakhs rupees gold. As my loan is more than my wealth, in this contest Zakat is wajib on me or not, kindly clarify.

Answered according to Hanafi Fiqh by Darulifta-Deoband.com
I am govt. employee, I have purchased House on loan. I am having about Rs. 10 lakhs loan. I am also having about 4 lakhs rupees gold. As my loan is more than my wealth, in this contest Zakat is wajib on me or not, kindly clarify.

Answer

(Fatwa: 879/745/D=1431)

When you have gold of four lakh rupees, you will have to pay zakah after passing one year. You will deduct the amount of one year instalment of the total loan from the 4 lakhs and pay the zakah of remaining amount. For example you have to pay the instalment of 75000 in a year from loan, then by deducting 75000 from four lakh you will have to pay zakah of the remaining 375000.

قال فى الدر: فارغ عن دين و لو موجلا و فى الشامي و زادالقهستانى عن الجواهر واصحيح انه غير مانع (ج2/ ص:6 شامى)

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

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

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