Last year I have purchased a land on installment basic that means initially I have paid around 21 Lakh and register the land of my name now I have to pay 15 lakh more in coming 2 or 3 year to get the complete owner ship of that land. The land I purchased for the business purpose. Please suggest me how much zakah I have to pay.
بسم الله الرحمن الرحيم
(Fatwa: 960/000/B=1434)
When the due time of zakah will arrive, it shall be necessary for you to pay the zakah i.e. the fortieth part of the cash money as well the value of the land at that time. If you owe some debts then the debt amount shall be deducted from the total value of the land.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband