My Question is a follow up from a previous question. Please find the question and your answer. And an elaboration on the matters I am unclear on
Q1 – How do I calculate the current portion as I have not worked out a payment plan as yet. I know that when I do start paying I will be paying +/- 7000 per month. It is however unsure when I will be starting to pay as I currently use my surplase funds for the house.
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 surplace 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?
. Use this underlying principle and calculate.
Bond – 1000
Repayment – 10
Liability is 10×12 = 120