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Post by newcomer on Jan 8, 2007 11:26:17 GMT
Assalam-u-Laykum Warahmatullahi Wabarakatu,
Imam Saheb I hope you and your family are in good health and pray that Allah rewards you for all you efforts on this site.
I have a question regarding the payment of zakat on the rental income on a property that has a mortgage.
I will provide simple examples:
Question 1:
I have a property where the rental income is £500 per month and the monthly mortgage repayment is £500.
Do I still have to pay zakat on the rental income?
Question 2:
At the start of the Islamic year a person had savings £10,000, in the middle of the year the person's savings went down to their lowest level of £2000, at the end of the year the savings increased to £15,000.
Does the person have to pay zakat on £10,000, £2000 or £15,000?
Jazakallah, newcomer
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Post by Imam on Jan 18, 2007 0:42:48 GMT
Bismillahir Rahmanir Raheem Wa'alaykum 'Assalam wa Rahmatullahi wa BarakatuhuAll Praise be to Allah who is the Lord of the Worlds, and may Endless Blessings be showered upon His Most Beloved, and Final Messenger of Islam, Hadrat Muhammad Mustafa Salla Allahu ta'ala 'alayhi wa 'aalihi wa Sallam Jazak'allah for your question. Where the rental income for a property is £500 per month, and the monthly mortgage repayment is £500 per month, then because you are indebted to paying your mortgage of £500 per month, there is no zakat upon this income, as you are in debt. If at the start of an Islamic Year, a person has savings of £10,000, and then in the middle of the year the savings went down to £2,000, and at the end of the year the savings increased to £15,000 then the consecutive value of the savings which have been saved throughout the year, and the value which is zakatable is £2,000. A similar question to yours has been answered in the archives. Wallahu A'lamu BiththawaabM. Waseem Ashrafi Previous related Questions/Answers : [1] Zakat and [2] Zakat.
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