Zakah on a property intended for investment
Q 1: A man bought a piece of land - where a house can be built - seven years ago near a city, hoping that one day someone will buy it. The land's value is its price plus a small profit. Is there any Zakah (obligatory charity) due on its value? Should Zakah be paid before or after receiving its price? Also, should the Zakah be paid for one lunar year or for all the past lunar years? (Part No. 9; Page No. 324
A: This land is a commercial commodity whose Zakah becomes payable when a full lunar year has passed. Its Zakah is 2.5% of its value and it is obligatory to pay it for all the past years.
Zakah on a property...
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