I have purchased a piece of land, not with the intention of selling it, but to keep it as an asset for myself. I will sell it only if there is an urgent need of money or if I am buying another piece of land to build a house. Presently, I do not have any intention of selling it. Do I have to pay zakah on this land? Please advise. May Allah give you the reward!

Answered according to Hanafi Fiqh by Darulifta-Deoband.org

بسم الله الرحمن الرحيم

(Fatwa: 767/462/L=1434)

The land turns business property and zakah becomes wajib on it when it is bought with the intention of business and meanwhile no change takes place in the intention. Thus if you have not bought that land with the intention of business then zakah shall not be wajib over it:
وتشترط نية التجارة فی العروض ، ولابد أن تكون مقارنة للتجارة فلو اشترى شيئاً للقنية ناوياً أنه إن وجد ربحاً باعه لا زكاة عليه (الأشباه والنظائر:1/79)

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband