Assets on which Zakat is due
Assets on which Zakat is not due
Nisaab is that threshold of assets held in possession for a year above which Zakat is due on that asset. If someone did not hold assets above the Nisaab for one year then no Zakat is due.
In Islam, Nisaab was originally defined in terms of gold coins (dinars) and silver coins (dirhams), and the exchange rate between them was 1:10 during the time of the Holy Prophet (peace be upon him). The Nisaab was set to 20 dinars or 200 dirhams.
In modern times, these coins are no longer in circulation, and the value of gold and silver by weight has drifted apart. Generally speaking, the weight of gold and silver is now used to calculate Nisaab. Current Nisaab (threshold over which Zakat is due) is around $5000 (price of 87 grams of gold).
This information is being shared as a broad guideline. Please consult your local missionary for any specific questions that may apply in your case.
If one has multiple assets, and the value of each individual asset is below the Nisaab, then Zakat is not due on them, even though their collective value may be higher than the Nisaab. However, the Holy Prophet (peace be upon him) has also warned against deliberately breaking up an asset to avoid paying Zakat. Allah is the judge of all intentions. (Fiqah Ahmadiyya, Vol 1, pp 366.)
The rate of Zakat is one-fortieth (1/40) or 2.5% of the assets on which Zakat is due, provided they are worth more than the Nisaab. If the assets are worth less than the Nisaab, then no Zakat is due.
As in all worship, Taqwa is the root of all good. We suggest reading the book "The Philosophy of Zakat" and do your best judgement