Zakah on Gold
I got a question regarding gold sakath I have around 280gm of gold
Which I bought it from India. Half I am using in Australia And I kept other half In India How much should I pay in sakath or Which value should I consider to pay zakat Your feed back will be appreciated.
According to the Hanafi madhab zakaat must be paid on gold and silver jewelry whether it is used or not.
Once a person owns 87.48 grams of gold then they have reached the threshold (nisaab) for which zakaat must be paid on that.
To determine the value of gold you may click on this link;
https://www.goldbullionaustralia.com.au/live-charts-prices/ and use the “buy back” price.
You will add the value of your gold to your other wealth like currency upon which zakaat is due and then pay 2.5% of the total amount after subtracting your debts and the amount used for your basic immediate needs like food and rent if applicable.
Answered by Shaykh Mohammed Shakeeb