1. A house I bought with the intention of renting for a couple years & then selling it for a profit. The house was just recently built last month & I have not found a tenant yet. I have paid 5% of the house & will be making monthly payments of $1650 over 30 years (or till I sell it off). Should I pay zakat on the 5% that I own or should I wait for the rent & pay zakat on the rent I receive or should I wait till I sell the house & then pay zakat on the profit? 2. My IRA retirement plan. I contribute to a retirement plan from my salary & my employer matches that amount. I just started this retirement plan a few months ago. Should I pay zakat on this amount or wait for a year & then pay based on my average amount in the plan during the course of one year? Also, can Zakat be used for the construction or land purchase for a masjid?
1. You only pay Zakaat on the cash you received in rent. Since at present, you did not receive any rent, no Zakaat is payable as yet.
2. At present Zakaat is not payable on the amount you have contributed. Zakaat only becomes payable when you receive from the retirement plan.
3. Zakaat cannot be used for the construction or purchasing a land for a Musjid.
and Allah Ta’ala Knows Best
Ml. Imraan Vawda