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zakat
| Zakat calculation for home, business, flat and savings |
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Question: How is Zakat calculated with the following finances? 1. Home with a £52,000 mortgage 2. Shop worth £140,000 for business 3. Flat with income of £450 per month 4. Another home with the income of £400 per month, value of £80,000 5. Mortgage of £36,000 with personal share of one-third Savings of £20,000 for a year and 10 tola of gold Asnwer: 1.calculate income for the previous twelve months which includes: Annual income from flat Share of income from second house Savings of £20,000 Value of 10 tola of gold Savings from business after taking away household expenses for twelve months 2.Calculate your annual expenses as follows: Twelve months mortgage installments on personal home Share of mortgage on second house for twelve months Minus expenses from annual income The remainder is payable by 2.5%
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