Zakah on real estates : Zakah on land purchased for development then sale

السؤال

[Question One] : As-Salaamu Alaikum Someone buys land with the intention of developing it into apartments ... Right now he does not have development rights but it won't be a problem ... He intends selling the apartments (with land) when developed... Does he pay Zakah and on what value... [Question Two] : Land purchased for development and reselling is similar to raw-material purchased for making some or other goods that will then be sold as a product of sorts ... Therefore Zakah is payable on the current market value of the land purchased with the intention of reselling (albeit as part of a development project) ... The land is one of the 'raw material' or input factors for the final product ... Note : for as long as the development is not complete (say two or three years) then Zakah is payable on the value of the land every year... Assume the development is completed and the houses are not sold, then too Zakah is payable on the market value of the final product (i.e. land + building + ) and not only on the land ... PS ! if you are not liquid currently (or even in the future until such time that you sell the completed project) you are allowed to delay the distribution of the Zakah until such time that you are liquid however you will calculate the Zakah due every year until then (even over years)... And you can then pay Zakah for all the preceeding years... This allowance is only for non-liquid assets although you are encuraged to discharge the Zakah as quickly as possibly... If you choose to delay the disbursement of Zakah until then it is strongly advisable that you record such amounts in some formal way, either in the company records or in your will so that people after you can fulfill your obligation, insha-Allah ! Was-Salaam PPS ! I don't want to take advantage of the fact that you called us or advise on matters relating to Zakah, but I would greatly appreciate an opportunity to meet with you to discuss possible other ways that you may be of assistance to SANZAF, Insha-Allah.... If possible please avise for a suitable date and time and I will come to see you, Insha-Allah !

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2007-09-26

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
الدراسات الإسلامية

عدد الصفحات

2

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-787501

• APA
• MLA
• AMA