mufti sahab i have booked a shop in the mall for business purpose the time period of construction is of three years the toal value of the shop is of 3300000 and the whole amount i have to pay in installment as the work completes till now i have paid 2000000 and reamaning amount in installment as the works progresses work started in november 2007 and i have paid till october 2008 it will get completed in april 2009 i want to ask 1)Is zakaat payaable on the 2000000 which i paid to the builder note i have purchased for business purpose. 2)will be the remaning amount that is 1300000 will be consider as debt amount. please clarify mufti saab zaajakallah.
Answer
(Fatwa: 1659//1362=L/1429)
(1) If the shop is fixed and the transaction is complete, then in the abovementioned case you will not have to pay the Zakah of 200000.
(2) Yes, with the aforesaid conditions, the remaining 130000 will be considered debt.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband