Zakaat Rules 1 (5/5)
Question
I have sold my (inherited) agriculture land in the month of July 2012. The sale amount has been credited to my bank account on 17-07-2012. My query is whether zakat applicable on this amount on 1st of Ramadhaan or not. If yes, what percentage would be applicable?
Answer
A.In principle, the proceeds from a land which is sold is zakatable.
The proceeds from the sale of the land in question will become zakatable as soon as the money enters your ownership.
To calculate the zakat on this amount, you will add these proceeds to your nett savings over the previous year.
Thereafter, if the resulting nett savings are equal or more than the nisāb of zakāt, then 2.5% of the total nett savings will be calculated and paid off as Zakāt
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