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Zakat on purchased land?

Answered as per Hanafi Fiqh by Qibla.com

Answered by Shaykh Faraz Rabbani

Is there zakkat on a puchased piese of land (plot)

Answer:
In the Name of Allah, Most Gracious, Most Merciful

Assalamu alaikum wa rahmatullah,

There is no zakat on land or property acquired for personal ownership–even if one has in mind that one may sell it later. There is, however, zakat on land or property acquired with the specific intention of trading in it. (Ibn Abidin, Radd al-Muhtar)

Please see the following related SunniPath Answers (http://qa.sunnipath.com):

Is there Zakat on One’s Land Holdings?
Zakat on goods purchased with the intention of resale
Do we have to pay zakat on stock?

Jazakum Allah khayr.
And Allah alone gives success.

Faraz Rabbani

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