Library Ethics Greater Sins Chapter 39 Non–Payment of Zakat NisÄb (Minimum Taxable Limit) for Gold
NisÄb (Minimum Taxable Limit) for Gold
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NisÄb (Minimum Taxable Limit) for Gold
There are two taxable limits of gold: The first limit is 20 mithqals (SharÄ«’), one mithqal being equal to 3.456 gms. Hence when the quantity of gold reaches 20 mithqals and other requisite conditions are also fulfilled, one should pay1/40th part of it, which is equal to 1.728 gms, as Zakat. And if the quantity of gold does not reach this limit, it is not obligatory to pay Zakat on it. The second taxable limit of gold is applicable when gold, in addition to 20 mithqal sharÄ«’ is further increased. If an additional of 4 mithqal sharÄ«’ takes place to 20 sharÄ«’ mithqals, one should pay Zakat on the total quantity at the rate of 2.5%. and if the addition is less than 4 SharÄ«’ mithqals, Zakat will be payable on 20 sharÄ«’ mithqals only; and it will not be obligatory to pay it on the additional quantity. The same rule applies as and when ongoing additions take place in the quantity of gold, like, if a further increase of 4 mithqals takes place, Zakat should be paid on the entire quantity, and if the increase is less than that, no Zakat will be payable.
