We plan to buy land on EMI (24 months) without any bank loan, so we bought that land on EMI for 24 months but still we are paying EMI (5 still due) and land is not handed over. So please suggest, on this land we have to give zakah or not.
بسم الله الرحمن الرحيم
(Fatwa: 821/795/N=09/1436)
If you have bought this land with the intention of selling then too zakah is not wajib on you before you take it into your complete possession.
وأطلق الملك فانصرف إلى الكامل وهو المملوك رقبة ويداً فلا يجب على المشترى فيما اشتراه للتجارة قبل القبض (البحرالرائق 2: 355 مطبوعة: مكتبه زكريا ديوبند)، ولا فيما اشتراه لتجارة قبل قبضه (در مختار مع الشامى 3: 180 مطبوعه: مكتبه زكريا ديوبند)
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband