Assalam Valikum, Regarding Zakat: We are staying in a Rented House. 1. We have one own house which has been given for lease for three years which we wont get any rent for the next three years. We bought another house with the intention of staying there. Now we want to sell that and buy a new one for our staying. Is zakak is applicable on the houses? 2. I am having Mutual Funds of about 150000. I am paying loan of 200000 every year. I dont have any cash in my hand. Do I need to pay zakat for Mutual Funds?
Answer
(Fatwa: 2309/H=733/th=1431)
(1) If, in the beginning, you did not build the house with the intention of selling, then Zakah is not wajib on its price. Now, if you intend to build new house after selling it, then too the ruling would be the same i.e. Zakah will not be wajib on it.
(2) No Zakah is wajib on this fund; because the quantity of debt is greater than it.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband