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:
Dear Brother Burhan,
I have deposited some amount for the purchase of land in a houising society. I have not yet got the possession of land. Do I have to include the amount of deposit in my asset for payment of Zakat.
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In principle, the zakah is due on any excess wealth or nett worth of the person which has been in his possession for a period of one year.
The money that you have deposited in a housing society is a part of your asset and thus your nett worth, and if you have had possession of that amount for a period of one calendar year then zakah at the rate of 2.5% would indeed be due on it.
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,