Question
I have several vehicles which I bought for my own use and for the business. I have put up these vehicles for sale as I intend buying other vehicles. Do I have to pay Zakaat on these vehicles? If yes, then on what value?
Answer
If at the time when you purchased the vehicles it was your intention to use it for your own needs, then there is no Zakaat payable on these vehicles. But, if it was your intention at the time when you bought them to resell the vehicles for a profit, then the vehicles will be stock-in-trade and will be Zakaatable. Since it was not your intention to sell the vehicles, Zakaat is not payable. After selling the vehicles and receiving the cash, Zakaat will be payable on the cash if you have it on the day when your Zakaat year expires.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 21 No 01
- PDF page
- 4
Appears under Questions and Answers (approximate).