Question
I have a Mandela set for which I had paid R75,000. It contains half an ounce of gold. The price obtainable today for the set is R60,000. How do I calculate Zakaat on this set?
Answer
If the set contains only half an ounce of gold, then you pay Zakaat on the current market value of the gold regardless of what price you had paid for the set or what price you can obtain for it. The price of gold is now about R14,000 an ounce.
However, should you sell the set now for R60,000, then you will have to pay Zakaat on the cash of R60,000.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 22 No 02
- PDF page
- 4
Appears under Questions and Answers C0000000000000000000000000000000000Г (approximate).