A. A person who possesses Nisab for the entire Lunar year will be liable to pay Zakah, irrespective of the fluctuations during the year provided the net-value had not reached zero.
Hence, Zakah is paid on the entire value of the net Zakatable assets (Zakatable assets minus liabilities) in one's possession although some assets may have entered one's possession at different points during the year.
2.5 percent of this net amount shall be discharged as Zakah
If at any point during the year, the net-value of Zakatable assets reached zero or a person had more debts than Zakatable assets, the Zakatable year will change. The new Zakah year commences upon regaining the equivalent of Nisab.
Darul Ihsan Fatwa Department
Zakah Calculation
Q. How does one calculate Zakah and does assets have to be in one’s possession for a complete year?
A. A person who possesses Nisab for the entire Lunar year will be liable to pay Zakah, irrespective of the fluctuations during the year provided the net-value had not reached zero.
Hence, Zakah is paid on the entire value of the net Zakatable assets (Zakatable assets minus liabilities) in one's possession although some assets may have entered one's possession at different points during the year.
2.5 percent of this net amount shall be discharged as Zakah
If at any point during the year, the net-value of Zakatable assets reached zero or a person had more debts than Zakatable assets, the Zakatable year will change. The new Zakah year commences upon regaining the equivalent of Nisab.
