Zakat- Determining Personal And Business Needs Of Present And The Future
Thanks a lot for your response. One thing became clear to me that savings intended for future contingency can’t be exempted. But still i have some doubts regarding the gold to be given to daughters. For eg Gold jewellery which is being used for personal use by women in our culture would be around 50 grams. But the amount of jewellery which parents will be giving may be varying from 2 to 10 times of that Gold. In my case we have decided to keep aside 3 times (150gm)of the actual jewellery they would probably be using So can i exempt this gold which I have planned to give to my daughters in calculating zakat? I hope i have made my question clear to you umarbhai
If the Gold has been clearly earmarked for your daughters’ use then it will be considered exmept. But one thing should remain clear that such Gold, if earmarked, should never be used for wealth purposes or as savings and intention should be firm. Another example would be that in case a plot of land has been earmarked for construction of a personal house, it will be exempt from Zakat but such plot of land should not to be sold in future for making gains of capital appreciation.