I have a piece of land in India that I have bought in 2003 with an intention to construct a factory. Should I need to pay ZAKAT on this land, if yes, at what amount?
Question
I have a piece of land in India that I have bought in 2003 with an intention to construct a factory. But now I have no plan to construct a factory at that place (because the area could be developed as expected) and want to sale it and buy another land at better place for the same purpose but the intention may be changed later depending on the circumstances. I did not pay any Zakat on that so far.
Should I need to pay ZAKAT on this land, if yes, at what amount? At present market price? or At the cost of acquisition?
Answer
There is no Zakaat due on the purchased land.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
- Answered by
- Mufti Ebrahim Desai
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