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For Zakat to become obligatory, it is religiously necessary for a person to possess the Nisab (minimum threshold of wealth) and for a year to pass over that wealth. On the day a sane, adult Muslim accumulates wealth (gold, silver, cash, trade goods) exceeding the Nisab beyond their basic needs, they are considered a possessor of Nisab according to Islamic law, and the year's calculation begins from that day. Zakat becomes obligatory upon the completion of a lunar year, based on that same date.
The Nisab for Zakat is seven and a half Tolas of gold, or fifty-two and a half Tolas of silver, or the equivalent value of fifty-two and a half Tolas of silver in cash or trade goods. When a year passes over this Nisab, paying Zakat becomes obligatory.
It is important to note that the reliance on seven and a half Tolas of gold for the Nisab applies only when the person possesses solely gold, without any other form of wealth. However, if there is other wealth along with the gold, then the Nisab for Zakat is based on fifty-two and a half Tolas of silver. In other words, if someone has less than seven and a half Tolas of gold and no other cash, silver, or trade goods, Zakat is not obligatory for them. But if they have less than seven and a half Tolas of gold along with silver, cash, or trade goods, then the Nisab for them is the value of fifty-two and a half Tolas of silver. Therefore, if the combined value of that gold and other items equals the value of fifty-two and a half Tolas of silver, then Zakat becomes obligatory.
If the money you possess exceeds the value of fifty-two and a half Tolas of silver, then after deducting your obligatory expenses, such as debts, you must pay two and a half percent of the remaining amount as Zakat, even if you currently have no income.