I have 1 tola of gold(on which zakaat is not compulsory). And in Pakistan its price is equal to or more than 52.5 tola silver (on which zakaat is compulsory). So, do i have to pay zakaat on that 1 tola of gold which price exceeds the price the of 52.5 tola silver?
Wa’alaykum as Salam wa rahmatullahi wa barakatuhu,
If you only own gold, and you do not have any other assets (cash, stock etc), the you will base the Zakah on the amount of gold. Since the Nisaab for gold is 20 Mithqals (87.479 grams), if you only possess 1 Tola (12.5 grams) of gold, Zakah will not be compulsory upon you.
However, if you do possess other Zakatable assets, like cash, stock of trade or if someone owes you money, then you will add up all your assets, including the gold, and give Zakah on the value of silver.
And Allaah Ta’aala knows best
Ismail Moosa (Mufti)
والواجب فيهما أيضاً لا يختلف، لأن نصاب الدرهم مائتان على كل حال، ونصاب الذهب عشرون مثقالاً على كل حال (المحيط البرهاني في الفقه النعماني – 2/ 246)
This answer was collected from Fatwaa.com which is an excellent Q&A site managed by Mufti Ismail Moosa from South Africa. .