How Do You Determine How Much You Pay for Zakat When You Constantly Receive New Wealth During the Year?
Hanafi Fiqh
Answered by Sidi Tabraze Azam
Question: If one has to pay Zakat today for example, though has received more gold throughout the year, does one give Zakat on the total of the gold at hand at the time of when Zakat is due or does one calculate one year from the “new” gold is received?
Answer: Wa alaikum assalam wa rahmatullahi wa barakatuh,
I pray that you are in the best of health and faith, insha’Allah.
According to the Hanafi school, one adds the wealth gained during the year to the wealth which is already in one’s possession. [Shurunbulali, Maraqi al-Falah; ShaykhZada, Majma` al-Anhur]
What counts is what is in one’s possession at the end of the lunar year (hawl). Practically, even if one was gifted gold/silver, money or the like, the day before zakat was due, one would be obligated to include it within one’s zakat calculations (i.e. the next day).
And Allah knows best.
Wassalaam,
Tabraze Azam
Checked & Approved by Faraz Rabbani
Related Answers:
How do I Calculate Zakat on Gold and Silver When the Value Increased After I Invested In It?
Zakat: How to Calculate & Whom to Give
