Explain when does a person become liable for paying Zakaat.

Answer

Zakaat becomes due 12 months from the day one has the Zakaat Nisaab amount. Currently the Nisaab is about R27,000. Say for example, you had this amount or more on 25th Ramadhaan of last year. If on 25th Ramadhaan of this year you have more than this amount in Zakaat assets, then you have to pay 2.5% of the total as Zakaat. Zakaat is not paid on amounts spent during the course of the year.

Zakaat assets are cash, savings in the bank, gold, silver and stock-in-trade.