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Fatwas / Zakat / Is Zakat compulsory on residential land?

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Question

Dear respected Shaykh, assalamu alaikum wa rahmatullahi wa barakatuh. Is Zakat compulsory on residential land?

هل تجب الزكاة على قطعة الأرض السكنية؟

Answer

Praise be to Allah, and may Allah’s peace and blessings be upon the Messenger of Allah, his family and his companions. Wa alaikum assalam wa rahmatullahi wa barakatuh. As to what follows: In response to your question, we say:   On the issue of properties and the Zakat of goods for trade, we must look at the purpose of ownership, and ascertain whether the goods are owned with the intention for business or not. If the goods are owned with the intention for business then Zakat must be paid on their original value after the passage of a lunar year . If they are owned for benefit or need and then they are presented for sale, or they were owned by non-voluntary means like inheritance or a gift, then Zakat is not compulsory on them in this instance even if they are traded. When we say that Zakat is compulsory based on passage of a lunar year on the original wealth, this means that for example if I have fifty thousand dollars, and I buy goods or a property for trading, and I had this amount of money in my account for three months, I should pay the Zakat for it based on the day that I possessed the money, not the day that I bought the building. The fact that the wealth changed its form from money to a building, or from money to goods does not change the ruling. 


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