If you invest a large sum in such plans and thus find...

If you invest a large sum in such plans and thus find yourself without enough liquid asset to pay khums, then you should work out an installment plan to pay khums in a few months time. ii. Is there a limit in household expenses? All these household expenses differ from person to person. The manner and amount of the expenditure should be considered according to the needs and status of the person himself.

For example, if a person's annual income is $ 20,000 and his needs and status require him to spend $ 10,000 on his annual household expenses, but he exceed his limit and spends $ 15,000 -- then he must pay the khums on everything over $ 10,000. However, if he lives meagerly and only spends $ 7,000, then he must pay khums on everything over $ 7,000. If his total income and his needs are equal, then there is no khums on him. iii. Can I deduct for the loss in household items?

If the loss is in an item which is neither for trade nor for household consumption, then you cannot provide compensation from your income before paying khums. However, if the loss is in an item which is part of the household consumption (like furniture or clothes), then you are only allowed to replace those items by new ones or to repair them and count the cost of replacement or repair in the annual expenses. (b) Rules On Household Expenses: i.

Two sources of income One is permitted to deduct the household expenses from the income even if he has some other wealth which is not liable for khums. For example, Ahmad's annual expenditure is $ 10,000. He inherits $ 10,000 from his father, and he also earns $ 20,000 during that year.

He has the option of either using the $ 10,000 inherited money for his expenditure and pay the khums from the entire $ 20,000 which he earned that year; or deducting the $ 10,000 for his annual expenditure from his income, and pay khums from the remaining $ 10,000 which is the surplus of the income. The $ 10,000 dollars which Ahmad inherited is not liable for khums. ii.

New unused household items All new items that have not been used (even once) by the end of your khums year must be counted as your savings. For example, Ahmad has fixed the 30th of June as the end of his "year". On that day he realizes that he still has, for example, 10 k.g. sugar, 5 k.g. salt, 20 k.g. rice which has not been used in the "previous year". In such a case, he cannot deduct the price of these remaining food stuff from the profit or the income of that year.