Zakat When You Are in Debt
If you are in debt but still own wealth above nisab (after deducting debts), Zakat is due. Debt does not automatically exempt you.
Being in debt does not exempt you from Zakat unless your debts are so large that your net wealth falls below nisab.
How to Calculate Zakat with Debt
Deduct immediate debts.
On your Zakat date, total all your wealth (cash, gold, investments, etc.). Then deduct debts that are due immediately. If the remaining amount is above nisab and you have held it for one year, Zakat is due.
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Debt Does Not Cancel Zakat