Do I pay zakat on wealth belonging to my children?
Not according to the Hanafi school. A child is not liable to pay zakat, even if in possession of wealth above the nisab threshold. For a child who possesses the nisab or more, the first zakat payment will become due twelve lunar months reaching the age of puberty.
According to both Imam Shafi’ and Imam Malik however, a child who possesses wealth above the nisab value is liable for zakat.
Via: https://www.islamic-relief.org/zakat/recipients-of-zakat/
Do I pay zakat on wealth belonging to my children? Not according to the Hanafi school. A child is not liable to pay zakat, even if in possession of wealth above the nisab threshold. For a child who possesses the nisab or more, the first zakat payment will become due twelve lunar months reaching the age of puberty.
According to both Imam Shafi’ and Imam Malik however, a child who possesses wealth above the nisab value is liable for zakat.