Question
When calculating Zakaat on gold and silver what values should be considered? Should the international market price be taken? Our government levies an 85% tax on gold. Will this also be part of the value?
Answer
The value of the gold and silver for Zakaat purposes should be the price one would pay if one purchases it currently. It is obvious that in a country where the government imposes an 85% tax, the price of the gold/silver will not be the international price. Obtain the price of gold from an entity who sells gold to the public in your country. That price will be the value.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 21 No 03
- PDF page
- 4
Appears under Questions and Answers (approximate).