Home » Hanafi Fiqh » Muftionline.co.za » Zakaat on a property purchased

Zakaat on a property purchased

Q: I purchased a house five years back using our company’s house loan policy. After five years the company offered us to take the top-up on the loan based on the current market value of the house. Now with that top up money I purchased another plot.

My question is; do I need to pay zakaat on the land I had purchased? If yes then what is the method, should I take the current market value of the plot for calculating zakaat or should I take the amount I paid as an installment against the top up?

Bismillaah

A: No.

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.

Read answers with similar topics: