Jul 22 2012
Question: Do I have to pay Zakat on my car and home?
Answer: You do not have to pay Zakat on any personal effects you own. By personal, I mean anything used primarily by yourself and your family for your general welfare and quality of life.
If you own a car or home for investment and/or resale then you pay 2.5% on the market price after having possessed it for one year. If you own a car or home and lease it to others, then you pay 2.5% on the revenue earned not the asset’study market price.
And Allah knows best.
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