Zakat paid on property

Question:

I had some inheritance money which was lying as cash for 2 years but now i have bought some property from that money. My intention is not clear at this point whether I will sell this property or use it to build a house for my self. Yes i have to pay zakat on the cash i kept for two years. But please let me know, will I have to pay zakat on this land? 

Answer:

Walaikum assalam wa rahmatullah,

I pray this finds you in the best of health and spirits.

You would not have to pay zakat on the property at present, because the default is that land is acquired for personal ownership. If you then sell it, zakat would be due (with other zakatable wealth) on the funds. (Ibn Abidin, Radd al-Muhtar)

Please search SunniPath Answers (http://qa.sunnipath.com) for related answers.

Faraz Rabbani

 

Posted in: Answer of Zakat