Monthly Expenses and Calculating Zakaat

Q: What portion of a housing bond, car loan and any other debt is deductable when calculating zakatable wealth?

A: In the month that Zakaat becomes compulsory on you, deduct that particular month's expenses (groceries, lights and water bill, maid salary, etc.) from your money (including that month's bond payment), and pay Zakaat on the remainder. 

Mufti Siraj Desai