I bought this another property with the intention of selling it off after some time to make profits.Kindly please advise me. Also please advise me about the situtation if i change my intention of not to sell it.
1. In principle, any property or items bought for personal use is non-Zakaatable. (Hidaaya vol.1 pg.166; Rashidiyyah)
2. If the hand was purchased for resale, then after selling the land, Zakaat must be given from the amount received. (Hidaayah pg.167). Cognisance of the other conditions of Zakaat, for example, if the wealth accrued from the land is indebted Zakaat shall not be necessary. (Hidaayah pg.165) However, if your intention has changed not to sell, then Zakaat is not necessary.
and Allah Ta’ala Knows Best
Mufti Ebrahim Desai