Assalam o alaikum I have few zakat related questions, I am hopeful that you can answer them, JAZAKALLAH. May ALLAH Bless you
1. Are you required to pay zakat on your 401k?
2. Are you required to pay zakat on the gold jewelry that you use i.e wear
3. Lets say you had $5k saved in 2020 and now after a year you have $7k saved. Do you pay zakat on the $5k or the total $7k. I ask because from my understanding, zakat needs to be paid on money that you have had for atleast a year
4. Do you pay zakat on the entire wealth or just the wealth over your nisaab
5. Are you required to pay zakat on the monry that you have loaned out?
6. Are you required to pay zakat on money that you are saving up for a necessaty like saving up for marriage/for education/medical bill/ house etc?
بسم اللہ الرحمن الرحیم
1. Zakat is not obligatory on the amount deposited by the company without your permission. However, if the amount is deposited by yourself and /or by your approval, then Zakat will be obligatory on that deposited amount.2. Zakat is also obligatory on the gold jewelry that women generally wear. Gold jewelry whether used or not, if it’s value is equal to the “nisaab”, then it is obligatory to pay Zakat on that jewelry upon completion of the Zakat Year.
3. Zakat will be applicable and obligatory on the full $7,000.00
Regarding your confusion on the timeline eligibility of Zakat, and in specific your concern about the $2,000 savings to which less than a year had passed while in your possession, the basic rule is that it is not necessary on every part of property to have elapsed a whole Zakat Year. Zakat becomes obligatory on the entire wealth, even if an amount additional to “nisaab” was received just one day before the completion of the Zakat Year.
4. Zakat will be obligatory on all wealth beyond the basic needs and according to the “nisaab”.
5. Zakat is also obligatory on the amount which you have given out as loan, but will become due when you actually receive back that loan.
Zakat will be obligatory on all previous years the money had been on loan. Since it may be difficult to pay Zakat for all those past years at one time, it is therefore preferred to pay Zakat on that money every year to ease immediate burden.
6. . The amount which has been set aside for various purposes, like marriage, or buying a house, etc., and the Zakat year on that money has passed, or if Zakat has become obligatory on other property due to elapse of its Zakat year, then Zakat will also become obligatory on the set aside money at that same time as well.
However the bills and taxes due until the completion of the Zakat year but were not paid until that time, will be deducted from it. After that, Zakat will be obligatory on the remaining wealth.
واللازم مبتدء فی مضروب کل منہما ومعمولہ ولوتبرا اوحلیامطلقا مباح الاستعمال اولا ولوللتجمل والنفقۃ لانہما خلقا اثمانا فیزکیہما کیف کانا ‘‘ … ( الدرالمختار : ۱ / ۱۳۵ )
’’ واما صفۃ ہذا النصاب فنقول لایعتبر فی ہذا النصاب صفۃ زائدۃ علی کونہ فضۃ فتجب الزکاۃ فیہا سواء کانت دراہم مضروبۃ اونقرۃ اوتبرا اوحلیامصوّغا اوحلیۃ سیف اومنطقۃ اولجام اوسرج اوالکواکب فی المصاحف اوالاوانی وغیرہا اذاکانت تخلص عندالاذابۃ اذابلغت مائتی درہم وسواء کان یمسکہا للتجارۃ اوللنفقۃ اوللتجمل اولم ینوشیئا ‘‘ … ( بدائع الصنائع : ۲ / ۱۰۱ )
عَنْ عَمْرِو بْنِ شُعَيْبٍ، عَنْ [ص:21] أَبِيهِ، عَنْ جَدِّهِ، أَنَّ امْرَأَتَيْنِ أَتَتَا رَسُولَ اللَّهِ صَلَّى اللَّهُ عَلَيْهِ وَسَلَّمَ وَفِي أَيْدِيهِمَا سُوَارَانِ مِنْ ذَهَبٍ، فَقَالَ لَهُمَا: «أَتُؤَدِّيَانِ زَكَاتَهُ؟» ، قَالَتَا: لَا، قَالَ: فَقَالَ لَهُمَا رَسُولُ اللَّهِ صَلَّى اللَّهُ عَلَيْهِ وَسَلَّمَ: «أَتُحِبَّانِ أَنْ يُسَوِّرَكُمَا اللَّهُ بِسُوَارَيْنِ مِنْ نَارٍ؟» ، قَالَتَا: لَا، قَالَ: «فَأَدِّيَا زَكَاتَهُ»(سنن ترمذی : ۶۳۷)
فقط واللہ اعلم بالصواب