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Question ID: 28415
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Salaams Mufti,

I understand that in the calculation of Zakaat one needs to deduct ones current liabilities. I am currently building a house and have not taken a bond. Instead I use my funds when I have surplus and borrow from my Father. I am at present owing my Father R200K. I do not pay him monthly as I use my funds for the house. I will have to pay him eventually but as the building is still ongoing and I will still need to borrow more from him.

Can I deduct the entire 200K as a current liability?

How should I split the Current and Long Term portions if need be?

Jazakallah

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Asked on September 14, 2008 12:00 am
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Private answer
Use this underlying principle and calculate. Bond - 1000 . Repayment - 10 . Liability is 10x12 = 120 . Not 1000
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Answered on September 14, 2008 12:00 am
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