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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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The Quran |
Chapter: As-Saffaat (37) Ayat(verse): 72 |
| 72 . And verily We sent among them warners . | |
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