Is zakat obligatory on an amount of four thousand dollars for which gold that had already had its zakat paid was sold?
Gold, before being sold, has two scenarios: 1. It is intended for use as women's jewelry. In this case, according to the majority of scholars, there is no due on it, though paying it is more cautious. 2. It is intended for savings or trade. In this case, zakat is obligatorily due on it without dispute.
If the gold is sold, zakat becomes due on its price if it reaches the (minimum threshold) and a hawl (full lunar year) passes over it. This is by combining this price with other cash or trade goods owned by the muzakki (person paying zakat). The amount of zakat required to be paid on this wealth is one-quarter of one-tenth (2.5%).
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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