I have bought plots in building societies, at the time when I bought them I had no clear intentions, of what I am going to do with them. I just bought them as cash money get devalued after time, so basically I bought them to invest for future. I may end up giving these plots to my children as inheritance, may sell them if I need money in future or may sell them to build a house for me. So do I need to pay zakah on such plots?
بسم الله الرحمن الرحيم
(Fatwa: 1042/1144/B=01/1440)
If you bought the plot with the intention of business then this plot turned to be business material. And zakah will be wajib on its value each year. And if you intended to keep it for children or in case you need some money then you may also sell it and fulfill your need, so in all these cases zakah will not be wajib on the plot.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband