20.36
Muhsinah
III. Zakat on Landed property
Zakat is not payable on the following properties.a) Personal residential houses even if they are more in number meant for residential purposes only.
b) Property given on rent irrespective of the number
c) Agricultural land, if meant for agricultural and farm house (if any) on agricultural land, servant quarters, godowns, tractors, bullocks and all implements for use at the farm.
d) Open land owned with the intention of building a house in future for self or for the benefit of the family.
Zakat is payable on the properties held with an intention to sell at a future date for a profit or as an investment. However, if your intention on holding the properties changes in the current year i.e. from self use to business purpose, be honest to Allah and pay Zakat on it at the current market value from the year your intention has changed.
If you have sold a property which was meant for business and have entered into an agreement of sale on the balance of money receivable on the date of Zakat calculation, Zakat is to be paid on such amount receivable.
Any loans taken for purchase of property meant for business should be deducted from the nett figure before calculating Zakat.
If you are a builder and in property business, (Purchase and sale or develop and sell), on all completed unsold portions you have to pay Zakat at the prevailing market value. Zakat is also payable on amounts of instalments receivable on such portions after deducting loans or liabilities payable on the same.
On property in the form of building, shops, godowns or land if meant for property business Zakat is payable. There is a misconception that there is no Zakat on property even if it is for business. This is not correct. However, there is no Zakat on property occupied for running your business like shop, showroom, godown, factory building, poultry shed, cattle shed etc. If any property is held jointly by two or more persons the individual must calculate Zakat on his share in the property.
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3 komentar:
I get very informative things after read your blog and no doubt Zakat is very essential thing we should give our zakat every year. Zakat Calculator
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