1 Do I pay Zakat on the equity I have calculated in my house? 2) Am I entitled to deduct the last 12 monthly instalments or just the most recent monthly instalments on these home loans? Answer: Assalamu alaikum wa rahmatullahi wa barakatuh, I pray that you are well, insha'Allah. [1] There is no zakat on property acquired for personal ownership. Solet's say your payable Zakat amount was RM800, and your income tax was RM1000. After deducting zakat payment, you only pay the remaining RM200. The most efficient way to do this is: Pay zakat in December, after you add up your income for the whole year (also works if you pay zakat on monthly basis, via automated salary deduction or manually) Ifone finds it burdensome to pay using this method - due to his financial circumstances for example - then one has the option of paying zakat calculated only based on the lump sum received. Ownership of CPF monies. 7. The complete ownership (milik taam) of a particular asset, is one of the conditions which makes paying zakat compulsory. If Zakatand fitrah can be claimed as a tax rebate for the actual amount expended up until the total tax amount. For example, say your employment income is RM50,000 a year and you have claimed RM15,000 in tax reliefs. This would bring your chargeable income down to RM35,000 and the amount of tax you have to pay is RM600. How Do You Pay Your Followingis a summary of zakat calculation. Please see the relevant chapter in Ghamidi sahab's book Meezan for details. Income from something where both capital and labor are used - zakat is 5%. Income from something where either capital or labor is used - zakat is 10%. Income from Gift of God (e.g. found treasure) - zakat is 20%. Youonly pay on net rental income, not gross. So, whatever is left over from your rental income on your Zakat date after any expenses including mortgages etc. will join the rest of your cash balance and will be Zakatable at 2.5%. Approved by Mufti Amjad 12th August 2023 ggz6fnW.

do i pay zakat on my salary