mufti sab assalamalaikum..we own commercial buildings and get a monthly rent of about rs 7 lacs pm..since the land and building is given out for rent only and not sale..i would like to know if i have to pay zakat on the rent recieved by me..specially when the entire rent is being consumed by me and my family and not saved for one whole year ..thank you ..
Answer
(Fatwa: 1841B/208/tb=1430)
If the income of rent is saved after the expenses of family in the end of year equal to Nisab, then Zakah shall be wajib on that saved amount.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband