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Zakat On Plot
Is it wrong to determine zakat on cost of plot rather than current value of plot since it is difficult to determine the current value of the plot? And why we use current value of plot and not cost of the plot?
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4 Replies
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Zakat On Plot
updated 3 weeks, 5 days ago
2 Members
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4
Replies
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Please refer to the following video
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My question is regarding the value of plot on which 2.5% will be applied. Will it be the cost of plot or fair value of plot on zakat date. In zakat calculator it says current value. But determining fair value on zakat date is difficult sometimes then can we use cost of the plot for zakat purposes.
Further if we use fair value of plot for yearly zakat then will we still pay zakat on capital gain @ 10% when we sell the plot? It makes sense to pay zakat on capital gain @ 10% when we are using cost of plot for yearly zakat but not when we are using fair value of zakat.
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It is the current market value of the plot on which Zakat is payable at the rate of 2.5% yearly.
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Any reference or rational behind this?
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