I have purchased another house ( not possessioned yet ) where may be or may be not I will accomedate.
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:
question is now a days I am living in my late father`s house which is not
divided among brothers and sisters yet. I have purchased another house ( not
possessioned yet ) where may be or may be not I will accomedate. what is the
status of liable zakat on newly purchased house?
Is possession is also condition ?
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Posession a condition of zakah
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Indeed, zakah is liable from every believer (man, woman, or child) whose net excess assets are above the prescribed nisaab and have been in their possession for a period of one full calendar year.
Your Question: I am living in my late father`s house which is not divided among brothers and sisters yet.
The house one actually owns (full or part), the car one owns and drives, and the furniture and fixture one uses on a daily basis are all exempt from zakah.thus there would be no zakah liable from you if you live in the house which was owned by your late father, which would obviously be partly owned by you in accordance with Sharah inheritance.
For the rest of the properties and wealth left behind by your late father, if the inheritance is not yet divided amongst his legal heirs.the zakah for those assets would be payable from the wealth left behind by the deceased.
Your Question: I have purchased another house ( not possessioned yet ) where may be or may be not I will accomedate. what is the status of liable zakat on newly purchased house? Is possession is also condition ?
Lets say, at the beginning of the year you had 100,00.00 cash, and after six months you invested that money in buying a property for the same amount. At the end of the calendar year, you would indeed be liable to pay zakah at the rate of 2.50% on 100,000.00.for this amount has been in your possession for a period of one full calendar year (regardless of whether it was part-time in cash and part-time in property).
Because the house one lives in is exempt from zakah in Shariah, when you actually move into and live in the house, you need not pay zakah on that house thereafter.
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Your brother and well wisher in Islam,