Answered by Shaykh Faraz Rabbani
I purchased a car and rented out to a company who are paying me around 26,000 Rs. per month. Do I need to pay Zakat on rent and secondly is zakat payable also on value of car.
Walaikum assalam wa rahmatullah,
I pray this finds you in the best of health and spirits.
There is no zakat on personal belongings (including houses and cars), as opposed to trade goods purchased with the explicit intention of resale for profit. However, one considers the rent earned on them with the rest of one’s zakatable wealth when calculating one’s zakat. [ Ibn Abidin, Radd al-Muhtar ]
And Allah alone gives success.
Faraz Rabbani