Paying zakaat for one's business when one has zakaatable wealth
Question
I have taken over a running business in January of this year (2021). I am owing on this business for the next three years. With regards to zakaat, do I commence paying immediately or after 1 lunar year?
Also, for the merchandise on hand, when calculating zakaat do I use the cost price or the selling price of the goods?
Answer
If you already have zakaatable wealth, then immediately with your other wealth.
The market related price.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Ebrahim Salejee (Isipingo Beach)
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