Question: A person received some money as a gift from their father and used it to book a flat with the intention of selling it at a higher price later or renting it out to help with household expenses. Now, there has been a delay of over a year in obtaining ownership of the flat. Should Zakat be paid on the invested amount for the entire period?
Answer: There are two scenarios for the flat:
1. If the flat was purchased with the intention of selling it: Zakat must be paid every year, regardless of whether possession has been taken or not, because in this case, it is considered trade goods, similar to investing money in a business.
2. If the flat was purchased with the intention of renting it out: Zakat is not due on the flat itself. Instead, Zakat is due on the income generated from the flat once it reaches the Nisab (minimum amount for Zakat) and a year has passed. Otherwise, there is no Zakat on a rental property.
If the intention is not determined, whether the flat is for rent or sale, then Zakat is not due. Zakat should be paid only when it is definitively intended for sale.
✍ Sheikh Maqbool Ahmed Salafi (May Allah preserve him)
❪Jeddah Dawah Center – Al-Salama – Kingdom of Saudi Arabia❫
In an era of profound social change, the age of marriage is steadily rising, creating silent fractures in our communities.… Read More
Explore the early Islamic view (Salaf) on buffalo sacrifice. This analysis refutes claims of scholarly consensus (Ijma'), showing how Zakat… Read More
Explore how Islamic teachings can deepen intimacy in your marriage as you enter your thirties. Discover practical tips, Sunnah practices,… Read More
Access the authentic teachings of Prophet Muhammad (PBUH) with our free Sahih Bukhari PDF downloads. Available in English, Urdu, French,… Read More
Discover the profound significance of Hajj, a pillar of Islam, through a comprehensive analysis of its primary references in the… Read More
Discover the seven cunning traps Shaytan uses to lead believers astray, as explained by Imam Ibn al-Qayyim. Learn how to… Read More