IslamQA

Zakaat on property that was purchased as an investment

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I bought a plot in 2013 Oct for an amount of 9300000 for the purpose of selling/investment. Today I have sold it for 17500000. Please guide:

1. How much zakat do I have to pay?

2. Will zakat be paid only 1 time on selling or I have to pay for the last two years also?

Bismillaah

A: If your intention was both for investment and to sell it at a time when you will fetch a good price then there will be no zakaat on the property. You will only pay zakaat on the amount you received from its sale.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

Find more answers indexed from: Muftionline.co.za
Read more answers with similar topics:
Subscribe to IslamQA Weekly Newsletter

Subscribe to IslamQA Weekly Newsletter

You will receive 5 Q&A in your inbox every week



We have sent a confirmation to you. Please check the and confirm your subscription. Thank you!