How To Calculate Zakat On Gold In Indian Rupees. Zakat should be calculated on 2.5% of all net savings one possesses that is above the nisab value. Open this zakat calculator worksheet in ms excel or google sheets or any other worksheet software.
If the price of gold were £30 a gram, for example, the nisab would be 30 x 87.48 = 2,624.40. Islamic festivals and holidays are based on the islamic hijra calendar which is a lunar calendar. According to sharia law, nisab is the minimum amount a person possesses for over a year in order to be obliged to pay zakah.
Just enter your asset values under each heads and the zakat payable amount will be calculated right away!
Below is an example of how zakat is calculated on gold and silver. It’s not a voluntary charity or taxation, but it’s a responsibility since it’s among the 5 chief pillars of islam. To calculate your zakat contribution, you must know the accurate price of gold and/or silver today. For this case, the amount of zakat for gold is = 2,5 % x 60,10 gram x idr 495.000,00/gram = idr 743.737,00 and for silver is = 2,5 % x 300 gram x idr 11.500,00/gram = idr 86.250,00.