Answer
(Fatwa: 1726/1357/B=1431)
You and your partner will have to pay the Zakah of the capital and profit on the completion of one year after deducting the amount of debt , provided the remaining amount of both the partners reaches up to nisab. There is no Zakah on crop and on the price of land. Zakah is not wajib on provident fund deposit. However, Zakah shall be wajib on your bank balance, gold jewelleries, capital amount deposited in life insurance and the amount deposited by you in the name of minor daughters in mutual fund.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband