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Should I pay zakah on the selling price of the commercial space?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
I had bought one commercial space for rental business. Now I have decided to sell the same at market price. Should I pay zakah on the amount of selling price? My second question, if it is not sold, then should I pay zakah on the rental income per year [if remaining on the amount of cash in hand] or on the purchasing price/selling price of the property. I shall be obliged for your reply.

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

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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