Q. If my savings and gold jewelery has reached the amount of Nisaab but I am paying off a loan, is zakaat compulsory on me? Also for gold jewelery and savings, do I calculate the value of gold and savings and calculate 2.5% of that?
A. Only that portion of the loan which is due from you at the time of paying Zakaah will be subtracted. If after this, the surplus reaches the nisaab, then you will have to pay Zakaah.
Yes, for gold jewellery you will calculate the value of gold and add it to the savings to get a total. From this, you will pay 2.5 % in Zakaah.
And Allah knows best.
Mufti Waseem Khan