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Zakat on Property,

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   Riz
Friday, July 26, 2013 07:09 PM 
Reply: >
Zakat on property should be given on current price or the price on which was purchased ?
Rizwan replied on Saturday, July 27, 2013 01:41 AM 

Current price.
Amjad replied on Saturday, July 27, 2013 04:24 AM 

On current price but payable after one year if you retain plot with you fro the whole year.
Rizwan replied on Saturday, July 27, 2013 10:46 PM 

I did little reseach on internet, based on it I came to conclusion If I own a plot in my possession for a year of worth 100 lac today, I will have to pay Zakkat of 2.5 lacs now.
uae replied on Sunday, July 28, 2013 09:33 AM 

if you are holding a plot for building your house then no zakat is applicable. if you have bought the plot for trading then zakat is applicable
mahmood replied on Monday, July 29, 2013 09:26 AM 

Zakat is payable after laps of one year and the wealth is in your possission for that period. However as practically its not possible to apply this then we have to prepare our balance sheet on daily basis or atleast monthly basis to see the changes in weath and calculate Zakat accordingly.

To facilitate that Ulma agreed to make a cut of date and check your wealth on that date and pay Zakat irrespective of time lapsed. it works both ways.
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