Zakat On Savings Out Of Monthly Allowance Received From Parents
Zakat on assets is due once every year. Your state may determine a day of the year for your zakat to be due. If not, you can pick a day of the year and pay your zakat on the same day every year. This zakat is calculated as 2.5% of the sum total of all of your cash as well as the current value of all other assets in your possession on the day when your zakat becomes due . You are only liable for this type of zakat if the total value your assets and cash on the day of zakat is above nisab. In addition to any exemptions your state may grant you, the following items are always exempt from your zakat: – Items of personal use (e.g. your car, house, and personal use jewellery) – Means of production (e.g. farm lands, factories, tools, and equipment) Nisab Nisab for assets is the minimum amount below which your state exempts tax or zakat on assets . If your state does not provide a nisab then you can use the standard nisab of 642 grams of silver or equivalent value. You may enter appropriate numbers in our Zakat Calculator after reading the description for each box. When you reach the end, it will generate a statement showing you exactly what you owe after any applicable deductions, and what percentage was applied to each category. It’s also a great way to learn the sharia of zakat. View Zakat Calculator