Zakat on Plots? | Plot Per Zakat Hai Ya Nahi? | Property Per Zakat k Masail

Zakat on Plots? | Plot Per Zakat Hai Ya Nahi? | Property Per Zakat k Masail
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When is Zakat Applicable to the Property?
Zakat is only applicable to certain types of properties. Usually, zakat applies to properties that will further be used for rentals and reselling. In other words, all the capital assets which generate income are subjected to zakat.
Land for Reselling
If the land is brought to resell, then treat it as a commercial good. The property will be liable to zakat according to its current value on the owner’s zakat date.
Building for Reselling
If you are building a residential building for reselling then you have to pay zakat for it. The money you receive for the parts you sell is liable to zakat at the rate of 2.5% on the day you receive the money. For later years, it is part of your money and it is subjected to zakat in the normal way.
Plots
There is no zakat on plots purchased to build houses for giving out on rent and earning income. But there will be zakat on the savings from the rental income just as any other income if the income exceeds the nisab criteria. Some people prefer saving over investing
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