Assalam u Alaikum,
I started an RESP accont for my daugter in Dec 2006. This account is dedicated to my daughter and she is the one who can collect this money when she will start gong to University. Money reached to Nisab (On Silver) in almost 7 months after the start date. How I can calculate zakat on this account. My daughter have no access on this account and she can't get a single penny till she start going to University in 2024. If I want, I can cancel this account any time and withdraw the money but will have to pay a big penalty.
Q1- Who is responsible for this Zakat. Me or my daughter?
Q2- If me than why when I gifted this money to my daughter?
Q3- If my daughter, than she became baligh in 2017, so I have to pay zakat from 2018? Althogh she doesn't have any access of the this amoutn.
Q4- Goverment also added some money to this account but this amount will be available at the time of the maturity of account in 2024. If you cancel this account before that date, goverment will take this amount back. Do we have to pay zakat on this amount too?
Your quick answer will be highly regarded.
Jazak Allah Khair
بسم اللہ الرحمن الرحیم
الجواب وباللہ التوفیق
In answer to your question:
فقط واللہ اعلم بالصواب