FAQ’S Pertaining To Zakaat (19/20)
Question
If I bought a property without a specific intention of reselling and after a few Months or years I decide to sell the property, do I have to now pay Zakaat on the property?
Answer
In principle, property purchased with the specific intention to resell at the time of purchase is Zakaatable as the property will be considered as stock in trade.However, if there was no specific intention to resell the property at the time of purchase, Zakaat will only be payable if the property is sold on the proceeds received from the sale.
Fatawa SA is an independent, read-only index of fatawa already published by Jamiatul Ulama KZN. It is not a fatwa service. For your own situation, ask the issuing Darul Ifta directly.