Answer
(Fatwa: 1439/1090/D=1433)
The zakah of your wealth (cash and jewellery) shall be wajib on you and the zakah of your wife’s wealth (jewellery and cash) shall be wajib on her. Hence each one should calculate his or her property separately.
(a) If you save INR 60000 yearly then you will have to pay 2.5% as zakah on it and whatever other cash you have.
(b) If your parents gave the jewelleries to your wife and made her its owner then its zakah shall be wajib on your wife. And if they did not make her its owner rather they gave it to wear only then you are its owner. And it is wajib on the person who is owner to pay 2.5 % as zakah, i.e. pay 2.5% of whatever market price is of the jewellery as zakah.
Note: If you intend to give the jewellery to your daughter then too it is wajib on you to pay its zakah right now.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband