I have inherited money in February this year. Do I give Zakat on the money this year, or next year?
According to the Hanafi school of jurisprudence, you will include the wealth you have inherited onto the other Zakatable assets that you have on your next Zakat due date. This is provided that the estate of the deceased has been distributed and you can have access to your share.
This is also the position of NZF.
According to the Malikis, once a person has taken possession of the estate (even if it wasn’t divided), there will need to be a waiting period of one lunar calendar year to go over the wealth before it can be Zakatable. Otherwise, if the person does not have access to the wealth, there will no be Zakat on the estate until possession has taken place.
The Fatawa committees of Saudi and Qatar are also of the opinion that Zakat will be paid after one lunar year has passed over the wealth (starting from the time of death of the deceased) and with the condition that the wealth can be accessed by the heir(s).
If they are unable to access the wealth against their wishes, then they will not need to paid Zakat during that time
According to Imam Shafi’ (ra), if one lunar year has already passed over the wealth before its distribution, then the payment of the Zakat will be taken from the wealth.
And Allah knows best!
Mufti Billal Omarjee