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Zakat

Answered according to Hanafi Fiqh by Fatwaa.com
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I have purchased inventory of rupees 1000000 for my shop. the year is not completed and i have sell my shop for 2000000…. Do i have to pay zakat on 1000000 from which i have purchased inventory on the completion of year since i have started my shop ????

Answer

Wa’alaykum as Salam wa rahmatullahi wa barakatuhu,

You should pay Zakah on whatever is in your ownership on your annual Zakah due date. Once a year passes from the first time you owned the Nisaab (minimum amount for Zakah to be compulsory), you will see what you own exactly one year later, and pay Zakah on that specific date. It does not matter how your wealth fluctuated during the course of the year.

If you have any wealth remaining of the sale on your Zakah due date, you should pay Zakah on that. If the shop is not yet sold, you will have to pay Zakah on the market value of the shop.

And Allaah Ta’aala knows best

Wassalaam,

Ismail Moosa (Mufti)

This answer was collected from Fatwaa.com which is an excellent Q&A site managed by Mufti Ismail Moosa from South Africa. .

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