Question
Zakaat is payable on loans owed to one. I purchased a share in a property for income. The property belongs to the person to whom I had given the loan. With the loan I paid for the share. Do I still have to pay Zakaat on the loan?
Answer
If you purchased the share and paid with the loan before expiry of your Zakaat year, then Zakaat is not payable on it. But if you paid with the loan after expiry of your Zakaat year, then Zakaat has to be paid on it.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 27 No 06
- PDF page
- 10
Appears under THE 15th SHA’BAAN (approximate).