i bought a jacket last year february ( worth $400) with the original intention for personal use ( wearing), however after a while ( later on during the year, after september ) i changed my mind and i decided to sell the jacket.
i put the jacket on sale and then removed it from sale during the course of the year because of being busy with work ,the jacket is in my cupboard, i put it for sale now and again ,the value of the jacket if it gets sold (the item is currently unsold) may be less than the original $400 i purchased it for , it may be around $300 , my selling price is $350, will the jacket be liable for zakaat and if it is then what figure( value) do i put the jacket at for zakaat?
Key: ( To help understand my query below )
(cash/bank)- means money in cash or money in bank account.
stock/merchandise=items for sale
Nisaab* in this context refers to Nisaab in wealth or Money ( money in the form of cash/bank account) not nisaab in the form of Gold/Silver.
if i have merchandise for sale for e.g. stock worth $500 but the stock ( merchandise) has not been sold ( for e.g. stock was on sale for 1 year but remained unsold) and i have no wealth at all( in cash/bank), only stock, then do i have to pay zakaat on the stock (merchandise)?,
and just say for e.g. i have little wealth only $50 in cash, then do i have to pay zakaat on the merchandise worth $500 from the $50.
how much wealth ( cash/bank) do i need to have to pay zakaat on the merchandise ( stock) worth $500?, if i do not have wealth (in cash or bank) then do i pay zakaat on the(stock )after it gets sold or after i reach the value of nisaab* or as soon as wealth(money) comes in my possession?
Jazakallah for your help