I am earning approx 20000/- per month and we (me and my wife) save approx 5000/- per month in RD which cannot be broken and have a car loan for which I give 4200/- per month as EMI and rest amount is spent in daily household. My wife has got jewellery at the time of marriage 4 years back from my parents and her parents which is more than 100 gram but we do not have any cash left after this saving. We want to know is zakah must on me as our net saving per year is approx 60000/- only. And for the jewellery as we have decided to give it our daughter who is 3 years old as if now or shall I sell the jewellery to pay zakah as we use to give sadaqah of Rs 200 per month and if zakah is required what will be the amount. Please guide.
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 Uloom Deoband