Question:
Is a property purchased for personal use or a buy to let but with a plan to surely sell this in future when market conditions are right Zakatable?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Answer:
The property is not Zakatable at present. The property will not be Zakatable even when put on the market. Upon the sale taking place, the net income on one’s Zakat anniversary will be Zakatable.
The Fiqh (jurisprudence of the answer):
The property at present is not Māl Nāmī as it is not for sale (Tijārah). A conditional intention is not sufficient to activate an asset as Zakatable[1]. Therefore, a property bought as a buy to let with the intention to sell one day in the future will not be Zakatable at present.
And Allah Ta’ālā Alone Knows Best
Mufti Faraz Adam
www.darulfiqh.com
The Answer is correct.
Checked and approved by Mufti Mohammed Zubair Butt
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