Question 2: I have booked the property for investment in 2002 and paid its value through installments to next 10 years. In 2012, I got possession of this property. So zakah would be applicable on market value right after 2002 when I booked that property or starting from 2012 (when i got the actual possessions of that property). Please assist me.
بسم الله الرحمن الرحيم
(1) After completing one year on the nisab of zakah it is mandatory to pay 2.5% zakah after calculating all the zakatable items. At the time of completing the year the amount shall not be deducted for future needs. Hence amount equal to the car lease, rent of flat, school fee of children, bills related to other facilities and the eatables for oneself and for family shall not be deducted from the zakah calculation. However, as much amount has been spent in the need before completing the year or the debt which is due whether it is in form of due school fees or the amount of food materials bought on credit or due bills they will be deducted from the zakah amount.
(2) If you have not bought the said property with the intention of selling then no zakah will be wajib on it.
Allah knows Best!
Darul Uloom Deoband