Fatwa #146711 November 2006Saudi Arabia

I puchased a few plots of land in Pakistan over 10 years ago for the specific purpose of selling them at a later stage

Question

I puchased a few plots of land in Pakistan over 10 years ago for the specific purpose of selling them at a later stage to make or purchase a house and invest the remaining proceeds to generate income for my retirement. Kindly let me know if I am liable to pay Zakat on this land.

Thank you

Masood Said

Answer

Muhtaram

Assalamualaikum Warahmatullahi Wabarakatuhu

If you purchase the ten pieces of land to resell, you will have to pay Zakaat at 2,5 % of the market related value of those lands.

And Allah Knows Best

Mufti Ebrahim Desai

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