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Is Zakah applicable on the land worth Rs 50 lakhs and the property worth Rs 26 lakhs?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
My wife has a land worth Rs 50 lakhs (approximately) she does not earn any thing from this, it is simply an investment. Please let me know whether zakah is applicable on the current value of this land. She also has another property which she purchased for Rs 26 lakhs and has rented out the same and gets Rs 26 thousand as monthly rent on this. Kindly let me know whether zakah is applicable on this and how much.

Answer

(Fatwa: 1305/1305/M=1432)

(1) The land which your wife owns, if she has bought it with the intention of selling, then zakah shall be wajib on the value of that land (as per the current rate) though the land is not used in any way. And if she did not buy it with the intention of selling rather it was taken with other intention or the land is ancestral then there is no zakah on that land.
(2) Here too the ruling is the same i.e. if it was bought with the intention of selling then zakah shall be paid in the last of the year on the total value of the land including the rent; otherwise zakah shall be wajib only on rent provided it reaches up to the nisab.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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