Rafed English

Some other Questions about the Khums - Part 3

Subtracting Taxes from Income before Khums Calculation
Q: In 1982 I calculated the khums of the total assets I had in my store. In 1983, when I wanted to calculate my khums, I realized that I should pay tax, can I subtract the taxes of 81-82 before calculating the khums of 83?
A: The store taxes you owe are subtracted from the income of this store’s the same khums year and you pay khums on the remaining amount if remains surplus over life expenses.
Khums on Saving Account Installments
Q: Are the following examples considered as ma’ūnah?
a) Housing saving account installments paid for taking a loan to purchase a better house,
b) Housing saving account installment paid for purchasing house for one’s children,
c) Instalments paid for a life insurance.
A: a-b) If the installments, deposited in a housing saving account for taking a loan to buy a better house or a house for children, are not spent on purchasing the house by the end of the khums year, they are subject to khums.
c) The money paid as life insurance installments is not liable to khums.

Share this article

Comments 0

Your comment

Comment description

Latest Post

Most Reviews

MOST READ