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Categories India


QUICK ANSWER: ZAKAT CALCULATOR INDIA?

Author Helen Williams
0

Contents [hide]

 * 1 How is Zakat on cash calculated in India?
 * 2 How is zakat calculated in salary?
 * 3 How much zakat is 7.5 Gold Tola?
 * 4 How much is Zakat on cash?
 * 5 Can I pay zakat monthly?
 * 6 How much is nisab 2020?
 * 7 At what age is zakat compulsory?
 * 8 What are the rules of zakat?
 * 9 How is Zakat calculated on property?
 * 10 How much gram is a Tola?
 * 11 What is the Zakat rate for gold?
 * 12 Do I have to pay Zakat on gold every year?
 * 13 Is there zakat on cash?
 * 14 Who is eligible for Zakat Hanafi?
 * 15 Do you pay zakat if you have loans?


HOW IS ZAKAT ON CASH CALCULATED IN INDIA?

Calculate Zakat Net Worth:

Let’s say your Zakat-assets (1 year total) = Rs 2 Lakhs. The Zakat liabilities
are Rs 50,000. If Zakat Net Worth > Nisaab; you have to give Zakat for this
year. If you are over the Nisaab threshold, you have to give a minimum of 2.5%
of Zakat Net Worth.


HOW IS ZAKAT CALCULATED IN SALARY?

There are three guidelines calculate zakat income either:

 1. 2.5% of total gross income per year (if income exceeds nisab) or.
 2. Zakah after deducting basic expenses allowed (based on the rejection method
    permitted) or.
 3. Zakah after taking into account the actual liability.








HOW MUCH ZAKAT IS 7.5 GOLD TOLA?

How Do I Know if I Am Sahib-e-Nisab? If you have 7.5 tola/3 ounces/87.48 grams
of gold or 52.5 tota/21 ounces/612.36 grams of silver or its cash equivalent for
a full lunar year, then you are considered Sahib-e-Nisab and should pay Zakat.

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HOW MUCH IS ZAKAT ON CASH?

Now deduct your immediate expenditure from your current assets, which will be
25,000 -13,000 = 12,000 USD. To calculate Zakat now multiply 2.5% with the
leftover amount: 2.5% x 12,000 USD = 300 USD is due for Zakat.


CAN I PAY ZAKAT MONTHLY?

Many people are stuck with the misconception that Zakat can only be paid during
the sacred month of Ramadan which is not right. Zakat is an annual duty and so
you can pay it at any time of the year after your wealth has exceeded the Nisaab
amount.


HOW MUCH IS NISAB 2020?

Gold: The nisab by the gold standard is 3 ounces of gold (87.48 grammes) or its
cash equivalent. This is approximately $4,780.06 for gold on 08 March 2021, but
will vary with the market value of gold. Silver: The nisab by the silver
standard is 21 ounces of silver (612.36 grammes) or its equivalent in cash.


AT WHAT AGE IS ZAKAT COMPULSORY?

The first zakat payment will become due twelve lunar months after the child
reaches the age of puberty, if they possess wealth above the nisab. According to
Imam Shafi’ and Imam Malik, however, a child who possesses wealth above the
nisab value is liable for zakat, the same as an adult.


WHAT ARE THE RULES OF ZAKAT?

To be eligible to receive zakat, the recipient must be poor and/or needy. A poor
person is someone whose property, in excess of his basic requirements, does not
reach the nisab threshold. The recipient must not belong to your immediate
family; your spouse, children, parents and grandparents cannot receive your
zakat.

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HOW IS ZAKAT CALCULATED ON PROPERTY?

If you own real estate property for less than one year, it does not fall under
the obligation of zakat. Now, calculate the sum total of your assets and
multiply it by 2.5%. This is the percentage of zakat.


HOW MUCH GRAM IS A TOLA?

A Tola (tolah/ tole) is an ancient unit of weight. It was used in India and
South Asia to allow the fair trade of grain and precious metals. It was defined
as 180 troy grains or 3/8 of a troy ounce. Today, the Tola is equivalent to
11.7g in the metric system.


WHAT IS THE ZAKAT RATE FOR GOLD?

It is also permissible to pay Zakat in cash. This is done by giving the market
value of 2.5% of the weight of the jewellery in Zakat. For example, if someone
has gold jewellery that weighs 10 grams, they will have to give the market value
of 0.25 grams (i.e. 2.5% of 10 grams) of gold as Zakat.


DO I HAVE TO PAY ZAKAT ON GOLD EVERY YEAR?

The percentage of zakat on gold is same as on all other monetary items, that is,
2.5 percent of the total worth of savings [2]. Therefore, a person having more
than 85g of gold, held for over a year has to pay 2.5 percent.


IS THERE ZAKAT ON CASH?

Zakat on Cash and Bank Balances

Zakat should be paid at 2.5% on all cash balance and bank balances in your
savings, current or FD accounts. The amount technically should be in the bank
for one year. Usually it happens that the balance keeps on changing as per
personal requirements.

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WHO IS ELIGIBLE FOR ZAKAT HANAFI?

1) The rich (except when such are among the workers of Zakat). 2) Those capable
but not willing to work. 3) Disbelievers and apostates who fight against Islam.
4) Ascendants, descendants and wives of the payer.


DO YOU PAY ZAKAT IF YOU HAVE LOANS?

Yes. You can either pay zakat for every year that passes until you receive the
loan back, alternatively you can wait until you receive the loan and then pay
the accumulated zakat in one go. No zakat is payable on money you are owed for
work done until you receive the payment.



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 * India Tours
   * Forts & Palaces of India
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   * Agra & Jaipur with Kerala Tour
   * Amazing South with Kerala
   * Bangalore with Kerala
   * Golden Triangle with Kerala
   * Green Woods to Blue Lagoon
   * Kerala with Taj
   * Short Tour Of Kerala
 * Kerala Wildlife
   * Aralam Wildlife Sanctuary
   * Chinnar Wildlife Sanctuary
   * Eravikulam National Park
   * Idukki Wildlife Sanctuary
   * Kadalundi Bird Sanctuary
   * Neyyar Wildlife Sanctuary
   * Parambikulam Wildlife Sanctuary
 * Kerala Hills
   * Idukki
   * Kannur
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   * Marari Beach
   * Varkala Beach
 * Kerala Hotels
   * Hotels in Alleppey
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   * Hotels In Munnar
   * Hotels In Thekkedy
   * Hotels in Trivanduram
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 * FAQ
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 * Interesting



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