Q.| I acquired a loan a few days before the end of my religious fiscal year. Is this loan subject to the religious tax of khums?

A.| Loans are not subject to khums, except the portion of the loan that one has repaid using the income earned during the current religious fiscal year (that is, income whose khums has not yet been paid) and that is available (either per se or as assimilated into one’s assets) at the end of the religious fiscal year, when khums becomes due.