Answered by Shaykh Ilyas Patel
I understand that the nisab for Gold and Silver is a fixed amount.
1) What is the nisaab for money? Does one just pay 2 . 5% of money in possession at the end of a lunar year?
2) Does one include an item of gold or silver in the total amount of gold or silver if it is miniscule? Is this calculation correct:
Zakat on Sliver = 2.5% of monetary value of ALL silver present for a lunar year
Zakat on Gold = 2.5% of monetary value ALL gold present for a lunar year
(The calculation in the “Salvation of the Soul” and “Mukhtasir Khudri” involve disregarding certain)
Zakat is Fardh on gold and silver, be it in the form of bullion, jewellery, cash, bank notes, utensils or any other form . The value of these should be equal to the amount which is shown under:
GOLD:20 Mithqals = 80 grams SILVER: 200 Dirhams 612 . 36 grams
If the gold possessed is not equal to the value of 87 . 48 grams, or silver possessed is not equal to the value of 612 . 36 grams, but the value of both combined is equal to the value of either the nisab of gold and silver, then Zakat will be fardh .
So, if a person has 620 grams of silver (which is more than the nisab) and before a whole year has elapsed he acquires 50 grams of gold (which is less than the nisab) then the value of this gold must be added to the value of the silver, and thereafter the nisab reckoned . The two must NOT be reckoned separately, as this will be a cause of avoiding Zakat. (Talimu’l-Haq, Chapter on Zakat page 201)
Issue: If, after becoming the possessor of a Nisab, someone wants to pay his Zakat (on it), even though the Nisab has not been in his possession for a year, then he may pay it, and) his Zakat will be considered to have been paid in full . (Qadhi Thana Ullah Panipati’s ‘Mala Budda Minh’ pg 124)
And Allah Knows Best
– Ilyas Patel