Have loan, is Zakat payable or not

I am govt. employee I have purchased House on loan. I am having about Rs. 10 lakhs loan. I am also having about 4 lakhs rupees worth gold. As my loan is far too more than my wealth, in this situation, do I have to pay Zakat or not, kindly clarify.

When you have gold worth of 4 lakhs rupees, you will have to pay Zakat after passing one lunar year. What you should do is deduct the amount of one year instalment of the total loan from the 4 lakhs and pay the Zakat of remaining amount. For example say you have to pay the instalment of Rupees 1 lac a year then you should deduct 1 lac from 4 lakh you will have to pay Zakat of the remaining 3 lacs. Allah knows the best


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