Zakat On Loss And Partnership
There are primarily two different types of zakat. Zakat on assets is calculated at the rate of 2.5% of the total current value of your assets. Zakat on production / earnings is calculated at the rate of 5% or 10% of the earned amount depending upon whether or not the earning was made using financial investment, labor, or both. The easiest way for you is to 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 which category. It’s also a great way to learn the sharia of zakat. View Zakat Calculator
The actual exemption is for personal use items , including jewelry, house, cars, furniture, etc. When someone sells one such property to buy or construct another one, then the matter could be very simple. However, when the money received from such a sale is used for trading or other investments then it has been repurposed and in principle it can’t be exempt from zakat.