Frequently Asked Questions About Zakat
Giving Zakat on Rental Income
Zakat, given for the sake of Allah, is the 3rd pillar of Islam. According to the Hanafi school of thought, jewelry made of silver and gold can also be given as zakat. If the weight of the jewelry is 80.18 grams or more, zakat can be given at a rate of 1/40 after one year has passed from the date of acquisition. Other stones and metals besides silver and gold cannot be given as zakat. The zakat of trade goods, which are bought and sold for profit, can also be calculated. Zakat can be given at a rate of 2.5% on trade goods valued at 80.18 grams of gold. To be eligible for zakat, one year must have passed since acquiring the wealth. Those who wish to give zakat can make donations through foundations such as "[foundation name placeholder]" at any time. This way, you have the opportunity to deliver your zakat to those who are truly in need. Tools and equipment necessary for a business are considered primary needs and therefore do not require zakat. It is important to give zakat on tools and equipment used directly for trade, not for the practice of one's profession.
Taxes Are Separate From Zakat
If you have rental income, you can also give zakat on your income. People who have money or wealth equivalent to 80.18 grams are considered religiously wealthy. These individuals are required to pay zakat. Zakat, a religious obligation, is outside the scope of taxation. Zakat must be given independently of taxes, as its recipients, amount, rate, and purpose differ. When giving zakat, you should consider accumulated debts from the current year. Therefore, even if you have a 10-year loan, you should calculate zakat based on the debt you will pay within one year. This obligation, which must be fulfilled as soon as possible, also has the option of installment payments. There is no specific time limit for giving zakat; it can be given from the moment it becomes obligatory.
