Zakaat on properties bought for resale
Q: I have a house where I am living. 2 houses I give on rent. 2 shops given on rent. 2 empty plots for sale. 1 car Bank balance. Running a multi store. My question is that which of these properties should I give zakaat and how much? Bank is also cutting zakaat every year from account.
A: If the two properties were bought for resale then they are zakaatable. Likewise, the money in the bank balance is also zakaatable.
You will pay one fortieth out in zakaat.
And Allah Ta’ala (الله تعالى) knows best.
Mufti Ebrahim Salejee (Isipingo Beach)