Zakat should be paid as soon as possible prior to or at the time you’ve earned the requisite amount of nisab each lunar year, or one year after you last paid it.
Tip: A good way to ensure zakat is paid in a timely fashion is to pay your zakat during Ramadan.
Who can receive zakat among relatives?
Zakat can be given to one’s brother, sister, nephew, niece, paternal or maternal uncle, paternal or maternal aunt, father-in-law, mother-in-law, step-grandfather, or step-grandmother provided they do not have nisab. According to some narrations, relatives have more rights on you.
Do I have to pay zakat on my home?
One does not have to pay zakat on a primary place of residence. if the house qualifies as a secondary residence that sometimes gets rented out, however zakat is due on its income after subtracting necessary expenses.
Do I have to pay zakat on my stocks?
Yes. You should use the current value on stocks.
I normally give a lot of money in charity throughout the year, do I still have to pay zakat?
Zakat must be paid with the intention of paying zakat. if one gives any other charity, it cannot be counted as zakat as they did not have the needed intention, thus you would still have to pay zakat.
Do I have to pay my zakat on jewelry?
Yes, on jewelry you do not regularly wear and that you own for investment purposes.
What is the difference between zakat and Zakat Al-Fitr?
Zakat al-Mal (commonly called zakat) is due when a person’s wealth reaches the nisab amount and can be paid anytime during the year. Zakat al-Fitr is paid by the head of the household for each member of the family, before Eid al-Fitr prayer. Zakat al-Fitr is about 3 kilograms of wheat, rice or dates its equivalent in value, estimated at $10 in 2014.
