Wealth is subject to zakah whenever it reaches the nisab and a lunar year has passed over it
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Fatwa number ( 19467 )
Q: I have a house rented to a company, and I receive the rent for two years in advance. I deposit this entire amount in the bank, and when a lunar year passes over it, I pay the zakah from it. Is the remaining amount after paying the zakah, if
A second lunar year passes over it, is zakah due on it? I take nothing from this amount except the zakah. I also have installments that I am paying to the Real Estate Development Fund, which is the entity that built this rented house. I pay (9,593 riyals) annually for the installment, and there is still a balance of (253,821 riyals) owed by me to the Real Estate Development Fund and others. Does the presence of this debt exempt me from zakah, with a precise explanation? And is zakah due again on fixed wealth if its zakah has been paid and a lunar year has passed over it? And if this wealth is less than the total debt, is zakah obligatory on it?
A: You must pay zakah on the money remaining in the bank or elsewhere if it reaches the nisab, every time a lunar year passes over it. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: I have a house rented to a company, and I receive the rent for two years in advance. I deposit this entire amount in the bank, and when a lunar year passes over it, I pay the zakah from it. Is the remaining amount after paying the zakah, if
A second lunar year passes over it, is zakah due on it? I take nothing from this amount except the zakah. I also have installments that I am paying to the Real Estate Development Fund, which is the entity that built this rented house. I pay (9,593 riyals) annually for the installment, and there is still a balance of (253,821 riyals) owed by me to the Real Estate Development Fund and others. Does the presence of this debt exempt me from zakah, with a precise explanation? And is zakah due again on fixed wealth if its zakah has been paid and a lunar year has passed over it? And if this wealth is less than the total debt, is zakah obligatory on it?
A: You must pay zakah on the money remaining in the bank or elsewhere if it reaches the nisab, every time a lunar year passes over it. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.