Assalamu Alaikum wa Rahmatullahe wa Barakatuhu. Someone has sold his only dwelling house in order to procure money for purchasing a land/ house in some other place where he could live or could make a business. But he could not find a suitable one immediately after posssessing the money. More than a year has already been spent and he had not invested the money anywhere else. Please tell me whether he has to offer Zakah on this amount of money also.
Answer
(Fatwa: 1390/1135=D/1430)
If the person is already possessing wealth equal to nisab, he will have to pay Zakah of the amount when his yearly cycle will complete, though one complete year did not pass at that particular amount. But, if he is not already having wealth equal to nisab, he will have to pay Zakah when one complete year will pass on this wealth.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband