07.47
Muhsinah
A debt is defined as an amount of money owed by someone. It is counted for Zakah in case it is recoverable. After repayment, money is to be added to the total sum of properties counted for Zakah. However, the debt owed by the payer of Zakah is to be excluded from the total sum liable to Zakah as follows:
a) The amount of debt owed by the payer of Zakah is to be excluded from the portion liable to Zakah, provided that he remains in debt before Zakah falls due and finds no other property not liable to Zakah that exceeds his basic needs to repay his debt therefrom.
b) A payer of Zakah who has more than one type of property counted for Zakah may specify a certain type of these properties to repay his debt therefrom and dedicate the rest, which should be more beneficial to the poor, to Zakah.
c) In long term, installment debts, like housing installments, and other debts that finance fixed assets, which are not counted for Zakah, the payer deducts the amount of annual installment all at a time, then calculates the total sum of the remaining property and pays Zakah on it if it reaches the Nisab of Zakah.
d) Loans that are invested to finance any commercial business are to be deducted from the total sum liable to Zakah, in case the payer does not have fixed assets exceeding his basic needs.
e) Loans invested to finance industrial projects are to be deducted from the total sum of properties counted for Zakah, in case the debtor has no fixed assets exceeding his basic needs to cover these loans. However, in case there are fixed assets to cover these loans, they will not be deducted from the total sum of the properties counted for Zakah.
In case the amount of these fixed assets falls short from covering the whole amount of loans, the remaining uncovered portion is to be deducted from the total sum counted for Zakah. In case of deferred investment loans, only the amount of the annual installment, which falls due, is deducted.
a) The amount of debt owed by the payer of Zakah is to be excluded from the portion liable to Zakah, provided that he remains in debt before Zakah falls due and finds no other property not liable to Zakah that exceeds his basic needs to repay his debt therefrom.
b) A payer of Zakah who has more than one type of property counted for Zakah may specify a certain type of these properties to repay his debt therefrom and dedicate the rest, which should be more beneficial to the poor, to Zakah.
c) In long term, installment debts, like housing installments, and other debts that finance fixed assets, which are not counted for Zakah, the payer deducts the amount of annual installment all at a time, then calculates the total sum of the remaining property and pays Zakah on it if it reaches the Nisab of Zakah.
d) Loans that are invested to finance any commercial business are to be deducted from the total sum liable to Zakah, in case the payer does not have fixed assets exceeding his basic needs.
e) Loans invested to finance industrial projects are to be deducted from the total sum of properties counted for Zakah, in case the debtor has no fixed assets exceeding his basic needs to cover these loans. However, in case there are fixed assets to cover these loans, they will not be deducted from the total sum of the properties counted for Zakah.
In case the amount of these fixed assets falls short from covering the whole amount of loans, the remaining uncovered portion is to be deducted from the total sum counted for Zakah. In case of deferred investment loans, only the amount of the annual installment, which falls due, is deducted.
Posted in: Resources Of Zakat
1 komentar:
Wow was that not an exciting tutorial on bad debt expenses and taxes or what!
Tax Debt
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