Paying zakaat but having a joint liability to pay off

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Assalam o alaikum,Respected Mufti Sahab, I need some doubts to be cleared regarding zakat. We ( my father and my two brothers and me) had purchased a flat two years ago with the money we saved in these years and we all contributed in buying the flat. We also took a loan from our brother in law around Rs. 2 lacs in purchasing this flat. It has been over two years now we have purchase the flat but still we have not paid back the loan amount to our brother in law. He is not demanding it. But we ourselves think that we should pay it back. But we are thinking of selling the flat now and the money which we will get will first pay off the loan, Insha Allah.But it might take time as we do not know much time will it take to sell it, we also do not have so much money on hand to pay back the loan.Now, I had worked in a firm and managed to deposit a sum of money above Rs lac in a bank. This is my personal money and not included with others but we sill live in the same house with our parents and brother. Thus from last Ramadhan 2013 till this Ramadhan 2014 the money is with me and I have not spent it. But last year Ramadhan in India was in August 2013 and this year Ramadhan is in July 2014. So in this case full one year has not been completed for the shariat to pay zakat one full year must be observed. So my question is will I have to pay zakat on the money which I have in the bank. If in this Ramadhan the one year does not complete but as August 2014 come it will be one whole year so will I have to pay zakat in August and wait for the completion of 1 year or can I pay it in this Ramadhan in July 2014 as it will bring more reward.Please tell me what to do.

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Asked on June 7, 2014 7:11 pm
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If you foresee that you will still have the money in August then pay Zakaat in Ramadhaan. It is more rewarding. Also reset your Zakaat calculation from now onwards to Ramadhaan.

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Answered on June 7, 2014 7:11 pm