Will the principal amount which has been invested in business be considered a Musi’s property? –
The principal amount invested in business shall be considered a Musi’s property, and its full details are required to be given in the Wasiyyat Form.
Will Chanda Wasiyyat be payable on the net income from business or will it be payable only on the amount which a businessman sets aside from his profit for his daily use? –
Businesspersons shall pay Chanda on their net total income after deducting such expenses from their gross income as are required to generate income. It is not right to pay Chanda only on the amount which has been drawn from the business for monthly expenses.
At what rate shall Chanda Hissa Āmad be paid on the income from business? –
A Musi will pay Chanda Wasiyyat at the rate which he has pledged to pay in the Will, and not at the rate of Chanda Ām. During a Musi’s life, Wasiyyat shall be paid only on the income that is derived from his business. Payment upon net assets i.e., total business assets minus total business liabilities, shall be made after his death, or in case a Musi wishes to pay it during his own life. There is no Chanda on working capital.
Will the machinery, used for construction, be included as property in Wasiyyat? –
In any kind of business, whether it is related to factory, mill or construction, only the portion which belongs to the Musi will be considered his property.
For instance, if the total value of all assets, including fixed assets, receivables, bank balances, etc., of a factory /mill/ construction company is 10 million, of which it owes 6 million to banks and in other dues, the portion of the Musi shall be 4 million. This will be considered Musi’s property, and upon it he will be Hissa Jaidad. In other words, the total value of a property minus the liabilities will be equal to the portion of the Musi upon which he will pay Hissa Jaidad. Hissa Jaidad on businesses is required to be paid after the Musi’s death.
But if he wishes to pay it during his life, Tashkhees (assessment) will be made of the total value of the business, all the amounts owed by the business will be subtracted, and Hissa Jaidad will be payable on the rest of the property.