Sold My Gold, How To Pay Zakat On That Money
Zakat on wealth applies on cash savings. Which is once a year Zakat paid at 2.5% on all your wealth, provided it is above Nisab. This date of Zakat, if not fixed by the state, needs to be fixed by you once, and should not be changed in the coming years. Items of personal use ( cash for immediate use, savings for a genuine personal need, personal jewelry, personal car, house etc. ) are exempt from this Zakat. Please read the following explanation on Zakat and feel free to post a follow-up in case of any confusion: Discussion 121490 • Reply 121494