Do i pay Zakaat on the land which i purchased on installments?
Question
I have purchased a land as an investment but I am paying only 10 % of the amount now and remaining will be thru installments for ten years ,so do I need to pay zakat on this 10 % of amount.Pls note that this land is not an agriculture land , but for housing purposes and I have already a house for my living.
Answer
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatoh
You do not have to pay zakat on the land or the soil amount.
And Allah knows best
Wassalam
Mufti Ebrahim Desai
Darul Iftaa
- Answered by
- Mufti Ebrahim Desai
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