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Zakat Nisab in Pakistan - Zakat on Gold - Amount and Calculator

Zakat Nisab 2024 – Zakat on Gold – Amount and Calculator

Zakat Nisab 2024 in Pakistan

The Zakat Nisab 2024 in Pakistan (minimum amount to pay zakat) for the year 2024/1445 hijri is Rs. 135,179 which is fixed by State Bank of Pakistan and if you have more cash or assets than this amount, then you can calculate your Zakat and pay.

Zakat On Gold

Zakat is applicable if your annual saving is equal to or more than 7.5 tolas of gold or 52.5 tolas of silver. The benchmark or index is set with the lowest price compared to the price of the commodity, which is silver. The rate of Zakat is determined on the average annual value of the precious metal.

Mandi Bahauddin Ramadan Calendar 2024

How to calculate Zakat

To calculate Zakat you have to add the financial value of all liable assets. Only those assets that have been in your possession for at least one year should be included for Zakat. Dues are also calculated and deducted from the total and 2.5% of the final amount is given.

Example:

For example, you have 100 grams of gold, 5 lakhs in cash, lend someone PKR 1 lakh, and owe someone else PKR 50,000. You will calculate Zakat as follows:

1 gram of 22 carat gold = Rs. 9,869.51/
100 grams of 22 carat gold = Rs. 9,869,510/
Cash = Rs. 500,000/
Loans to others = Rs. 100,000/
Total Assets = Rs. 10,469,510/
Zakat = Total Assets – Liabilities
10,469,510 – 50,000 (the loan amount you owe) = 10,419,510
10,419,510 is the monetary value of the total asset that you have. Now the Zakat due is 2.5% of this amount and it will be 260,487.75 rupees.

Who is eligible for zakat

Individuals who own 3 ounces or 85.04 grams of gold or more are eligible to pay Zakat. Only assets that have been in your possession for at least one lunar year should be calculated for Zakat.

Zakat Deduction Date 2024

According to the rules, zakat is deducted from customers’ savings bank accounts, profit and loss sharing accounts and other similar account on 1st Ramadan every year. Current accounts in banks are exempt from this deduction.

Zakat Nisab 2023 pakistan

Zakat Nisab 2023 Has Been Announced

Zakat Nisab 2023 in Pakistan

The Administrator General Zakat has fixed the Zakat Nisab 2023 in Pakistan for the year 1443-44 Hijri. According the a notification issued by the Ministry of Poverty Alleviation & Social Safety, Zakat Nisab has been fixed at Rs. 103,159 per person this year.

According to Zakat and Ushr Ordinance 1980, no deduction will be made from Zakat if this amount is less than Rs. 103,159 on the first day of Ramadan 1444 Hijri.

Bank Zakat Deduction Date 2023

According to the notification, the first day of Ramadan has already been notified as March 23rd or 24th 2023 as a “deduction date” for deducting zakat from savings bank accounts, profit and loss sharing accounts, and other similar accounts having credit balances of Rs. 103,159. Current accounts in banks are exempt from this deduction.

Ramadan Calendar 2023

Zakat Percentage

Banks and financial institutions will deduct 2.5% of Zakat from the amount in excess of the mentioned amount on the first day of the holy month of Ramadan. Zakat applies to the savings accounts and products maintained by banks, asset management companies, and other financial entities. Meanwhile, customers who have submitted Zakat exemption certificates will not have any deductions.

Also read this: Istikhara Ki Dua Ka Tarika With Full Method

The amount under the Nisab has increased in Pakistan this year from the previous year’s value of Rs. 88,927. This increase is mainly due to increase in gold and silver prices in Pakistan.

Zakat On Gold

Zakat is applicable on savings for a period of one year equal to or greater than the value of 7.5 tolas of gold and 52.5 tolas of silver. The benchmark or nisab is set against the price of the commodity, which has a lower value, which is silver. The rate of Zakat is determined on the average annual value of the precious metal.