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Tuesday, September 1, 2009

Zakaat on Inheritance

Q: Is zakaat payable on one’s share of inheritance that was acquired just a few weeks ago?

A: If one has inherited cash, gold, silver, or stock then zakaat must be paid on that share by adding its value to existing zakaatable assets. This share will be included in the rest of one’s zakaat. However, if one is not a zakaat payer and has no other zakaat to pay then zakaat on a share of inheritance is not waajib immediately. Zakaat on such assets is only payable after one Islamic year from the time those assets came into one’s possession. If one inherited a share in property then zakaat is not payable at all. Because there is no zakaat on property.