Answered by Shaykh Yūsuf Badāt
I am a university student who had been getting approximately $8000 a year. I have had this money for approximately two years. Every year I get $8000 but I am expected to pay this back when I earn a certain amount. My question is do I have to give zakāt on this money of mine?
Also last year, I gave my zakāt but did not look at the rate of the gold. I just gave the money for my gold as I had done the first year. I was not sure if every year I had to look at the rate of the gold, so would I need to repeat this zakāt again?
بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم
In the name of Allāh, Most Gracious, Most Merciful.
Jazāk Allāh Khayr/ Thank you for contacting Mathabah Institute.
The amount of money you are receiving that you must pay back, is a loan. A loan is a liability. In general, if your liabilities (loans and payables) are more than your assets, zakāh will not be mandatory. However, if this is a long-term loan, meaning you are not required to pay back the loan within a year than you must pay zakāh. If you are paying the loan back in monthly instalments then you can deduct one month’s payment from your assets, thereafter pay zakāh. -(See: Mukhtaṣar Al-Qudūrī, Page 51, Dār Al-Kutub Al-‘Ilmīyyah, Jadīd Fiqhī Masāil Li Al-Raḥmānī, Vol 2, Page 41, Zam Zam Publishers, Fatāwā Qaḍīkhān Vol 1, Page 217, Dar Al-Kutub Al-‘Ilmiyyah)
Zakāh on gold is mandatory if you have more than the niṣāb. If you know that you have more than the niṣāb, there is no need to check the price of gold. You can simply give 2.5% of your gold or its value in zakāh to the poor. – (See: Mukhtaṣar Al-Qudūrī, Page 51, Dār Al-Kutub Al-‘Ilmīyyah)
Only Allāh knows best.
 ومن كان عليه دين يحيط فلا زكاة عليه وإن كان ماله أكثر من الدين زكى الفاضل إذا بلغ نصابا – كتاب مختصر القدوري ص٥١ دار الكتب العلمية
 وذكر نجم الائمة السرخسي عن مشايخه انه [أي دين مؤجل] لا يمنع [وجوب الزكوة] ـ ج١/ ص٢١٧ فتاوى قاضيخان في مذهب الإمام الأعظم أبي حنيفة النعمان دارالكتب العلمية
 الزكاة واجبة على الحر المسلم البالغ العاقل إذا ملك نصابا ملكا تاما وحال عليه الحول – كتاب مختصر القدوري ص٥١ دار الكتب العلمية