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Do We Have To Pay Zakat On Residential Plots Of Land?
Hi,
If you have some savings and you buy a residential plot of land using the saved money. If the sole purpose of the plot is to just keep it as saving and sell it when needed, do you have to pay zakat on it? I am pretty sure it will count as savings as its not for personal use but I thought I will double check anyway.
Thanks
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5 Replies
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Do We Have To Pay Zakat On Residential Plots Of Land?
updated 2 years, 1 month ago
3 Members
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5
Replies
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Yes, zakat is due on the current value of all your assets excluding those that are in personal use, as long as you’re above nisab. This also includes all real estate such as land, property, etc.
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Thanks Faisal Bhai.
Does the same ruling apply to debt as well? For example if I have lent money to a friend.
Do I need to pay zakat on that amount in the following 2 scenarios?
1. I am expecting to get money back
2. I don’t expect to get that money back because the friend’s situation is that he might not be able to return the amount
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If you have lent money, the borrower pays zakat on it as long as zakat applies on him. You only pay zakat on the current value of your assets that are in your possession.
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Jazakallah Brother!
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