Q: 1. Is Zakaat payable on freehold vacant land? If yes, how should this be calculated?
2. Is Zakaat payable on buildings purchased as investments (No income derived)? If yes, how should this be calculated?
3. Is Zakaat payable on buildings purchased as investments (Rental income derived)? If yes, how should this be calculated?
4. Is Zakaat payable on buildings purchased as investment in a consortium (No income derived)? If yes, how should this be calculated?
5. Is Zakaat payable on buildings purchased in a consortium (Income derived but not yet distributed)? If yes, how should this be calculated?
A: 1. No.
2. If the building is purchased for rental and leasing zakaat is not payable on it. If it is purchased with the intention of resale then zakaat is payable.
3. As above.
4/5. As above.
( ولا في ثياب البدن ) المحتاج إليها لدفع الحر والبرد ابن ملك ( وأثاث المنزل ودور السكنى ونحوها ) وكذا الكتب وإن لم تكن لأهلها إذا لم تنو للتجارة. (الدر المختار 2/265)
Answered by:
Mufti Ebrahim Salejee (Isipingo Beach)