Zakah on land
Mu' meneen Brothers and Sisters,
As Salaam Aleikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)
One of our brothers/sisters has asked this question:
I purchased a piece of land and sold it after few months (less
than 12 months), then I bought another one with the intention to sell it for
profit. I have its possession for less than a year (6 months).
Is zakat due on the current property?
Jazak Allah khair
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Zakah on land
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Beloved brother in Islam, the zakah is to be calculated on ones nett worth which has been in ones possession for a period of one year.
Thus if you started with $10,000.00 and purchased the property, and sold the property within a few months for $12,000.00; and with that amount bought another property which is today worth $20,000.00; then you should calculate the zakah for this year on the $10,000.00 which has been in your possession for a period of twelve full months, and pay the zakah on the full market value of the land in the coming year after that property or asset has been in your possession for a period of twelve calendar months.
Question: Is zakat due on the current property?
The zakah will be due on the share of the value of the property which has been in your possession for a period of one calendar year.
Whatever written of Truth and benefit is only due to Allahs Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength.
Your Brother in Islam,