Narated By Ali ibn AbuTalib : The Prophet (PBUH) said: “When you possess two hundred dirhams and one year passes on them, five dirhams are payable. Nothing is incumbent on you, that is, on gold, till it reaches twenty dinars. When you possess twenty dinars and one year passes on them, half a dinar is payable. Whatever exceeds, that will be reckoned properly.”
(The narrator said: I do not remember whether the words “that will be reckoned properly” were uttered by All himself or he attributed them to the Prophet (PBUH).
No zakat is payable on property till a year passes on it.
But Jarir said: Ibn Wahb (sub-narrator) added to this tradition from the Prophet (PBUH): “No zakat is payable on property until a year passes away on it.”