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Zakkat on Current market value or 1 year before value,

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   Rizwan Ullah
Sunday, July 14, 2013 07:37 AM 
Reply: >
AOA, Brothers, Zakkat should be calculated as per current value of property (Investment purpose)or its value 1 year ago? This question arises in my mind as Zakkat is payable on amount which has seen 1 full year.
Maximus replied on Sunday, July 14, 2013 08:54 AM 

Current value
QC replied on Monday, July 15, 2013 07:42 AM 

ZAKAT NOT ON IMMOVABLE PROPERTY,ONLY ON CASH,GOLD
Maximus replied on Monday, July 15, 2013 08:23 AM 

Zakat is payable once you sell a investment property
QC replied on Monday, July 15, 2013 09:02 AM 

MR.MAXMUS U R RIGHT NW
Amjad replied on Tuesday, July 16, 2013 01:45 AM 

@ Rizwan:
Zakat is on any saving remains with you for complete one year no matter for what purpose you are keeping (marriage, house building etc) and in which form (cash, bank deposit, gold, real-estate)it is. Real estate is just like cash, every year you have to evaluate and pay the zakat on it after one year. In your case, you have to pay on last year's price.

Zakt is faraz, we can not interpret as we want but to follow as stated in Quraan. I am not a mufti or cleric but I have got detail clarification on same query before and following it onwards. Jazak Allah!
Rizwan replied on Tuesday, July 16, 2013 01:48 AM 

Dear Brother QC:
AOA, I have done some research and seek advised from some scholors, even consulted Dr. Zakir Naik organization, they all said "All kind of trade commodities specilly property for investment purpose come under NISAB, and they will be treated similar to Gold/Silver and 2.5% Zakkat is due on them"

Honestly speaking this is not easy for someone who owns investment property of 10 Million value and he has to pay 2.5 lac each year as Zakkat. But As we are Muslim and Zakkat is one of 5 pillars of Islam so there is no way out else to surrender ourselves to Allah's order. Hazrat Abu Bakar (RZ)declared Jihad against who were not willing to pay Zakkat.

Dear Maximus, We can pay zakkat when we sell our property but in that case we have to pay zakkat for each year we own this property.

let'say if we sell after 2 years then zakkat will be calculated as =Zakat at the end of 1st year+Zakkat at the end of 2nd Year.

Brothers: As human we are weak specially when we are asked to spend in the way of Allah. This is human nature that we all love money. Zakkat plays an important role to break this relationship of love with money.

I am thankful to this forum, few years back I learned from this forum that Zakkat is payable against invested amount in property. May Allah bless him who initiated that discussion on this forum.

May Allah forgive me if I said anything aginst Islamic sharia.
Raheel replied on Tuesday, July 16, 2013 05:05 AM 

Dear Rizwan
Very well said and concluded- actually I also got similar information from my Imam Masjid.
sameer replied on Tuesday, July 16, 2013 06:07 AM 

if u have immovable property of 2 crore app. but u have some saving like 3 4 lakh then from where we have to pay zakat on immmovable property.
zaidi1 replied on Tuesday, July 16, 2013 07:31 AM 

Dear Brothers,
Zakat is Farz and we all have to pay it. Zakat has to pay on Real estate if it is for investment purpose. If a person have one plot only and is kept for his own house to be built on it and he does not have any other plot or house then zakat will not applicable on that plot. But all other plots will be subject to Nisab/Zakat. If someone has property for investment purpose and does not have cash at the moment to pay zakat then he will have to pay zakat when he will sold it on per year basis, i,e for each year that he kept that plot.

Thanks
uae replied on Tuesday, July 16, 2013 09:17 AM 

here is a link of a fatwa which shows that zakat on property holding is not due. but at some other places it says that zakat is applicable if land is bought for trading purpose.

http://qa.sunnipath.com/issue_view.asp?HD=1&ID=1514&CATE=5
sameer replied on Tuesday, July 16, 2013 10:17 AM 

sir if we pay zakat on property,cvt,stamp duty,capital gain tax,other taxes,so it means we have to stop investment then,from where we save and eat.there is no tax on immovable property,only on saving of cash and gold at the ist ramazan which we have to calculate at rate of 2.5%
sameer replied on Tuesday, July 16, 2013 11:21 AM 

There is no zakat on one's property holdings themselves, even if they are for commercial purposes, such as renting and leasing. There is, however, zakat on money made from such activity, subject to the normal considerations of zakatable wealth.
Amjad replied on Wednesday, July 17, 2013 05:30 AM 

@ sameer,

Finding excuses will not wave the importance of zakat. Taxes, ctvs etc are only for this world have nothing to do with your akhrat. The one who gave 2 crore will also give you to eat and for your all other needs as HE has promised. Just purify your money, zakat is only on savings which are excessive than your every requirement for a minimum period of one year.
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