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Calculating Zakat on Savings: 20 Lakh or 30 Lakh?

Answered as per Hanafi Fiqh by Muftionline.co.za

Q: If I have 20 lakh rupees in my account at the start of the year and after completion of one year this amount is increased to 30 lakh over the last twelve months gradually on monthly savings from my source of income. To my knowledge if an amount is in my possession for one year constantly, the zakat is due on that amount, therefore I assume that I should calculate my zakat on 20 lakh because the increase in my amount is month by month and full one year has not been passed over this amount. Am I correct or I should calculate my zakat on 30 lakh?

Bismillaah

A: You will pay zakaat on the full 30 lakh.

And Allah Ta’ala (الله تعالى) knows best.

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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