How do we calculate Zakaat on a partnership?

Answer

Calculation of Zakaat is quite simple. Zakaat is paid on all Zakaat assets on hand. Treat Zakaat separately – apart from the business. Each partner has to pay his own Zakaat on whatever Zakaat assets belong to him. It is not permissible for one partner to pay the Zakaat on the joint stock/assets without the express instruction of the other partners. Zakaat assets are stock-in-trade. gold, silver and cash on hand whether it is in the bank or anywhere else. Zakaat is not paid on equipment, vehicles and the like.