Zakat on Properties

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Question:

Assalam o Alikum,
I have a question regarding zakat.
Situation:
I have one plot for 2nd I am about to pay last dues in 4 months.
I have in my mind I ll sell anyone of these plots and build house from that income on other. Do I need to pay zakat on 1 plot?

Answer:

(Hanafi)

Wa alaykum salam
My understanding from your question is that you own two plots of land?
Please take note that;
only the following categories are zakātable:
1) Gold and silver
2) Cash
3) Merchandise (for trade)
4) Agricultural products
5) Animals and livestock

Goods that are purchased with the intention of re-sale are referred to as ‘merchandise’. If one purchased a piece of land, car, house or a property with the intention of reselling it, then Zakat becomes obligatory on its current market value.
Therefore, the piece of land or property that you purchased with the intention to build your house on you will not pay zakat for that property. The other piece of land which you purchased with the intention to resell will be subject to zakat.
And Allah knows best.
Answered by Shaykh Mohammed Shakeeb

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