If we purchased something on monthly installments, would the remaining amount left (to be completely paid off within the next few months), be considered as loan and subtracted from zakat calculation?
Bismillahi Ta’ala
Walaikum Assalam Warahmatullah
When something is purchased on credit installment, the installments become a debt upon you. This will either be a long-term payable (i.e. more than 12 months), or it would short-term liability payable in less than a years time.
In long-term liabilities contemporary fuqaha’ hold the stance to deduct a maximum of 12 installments from the zakatable assets. However, for short-term loan as the one mentioned in your question, the entire amount may be deducted from the zakatable assets.
Wallahu A’lam
And Allah Ta’āla Knows Best
Mufti Faisal al-Mahmudi