Answer
(Fatwa: 496/393/B=1434)
(1) A land bought with the intention of business also comes under business goods. Zakah shall be wajib each year on its value and when you will sell it zakah shall be wajib on the money you will receive in return.
(2) Yes, zakah shall be wajib each year on the income derived from rent. If that plot is with the intention of business i.e. with the intention of selling then zakah shall be wajib each year on its value as it was mentioned above.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband