zakat on the money

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Question


I sold my house last year when I moved country with the intention of purchasing a new house. I have been renting since then and have not found a suitable home as yet.

I received income for the house in 2 installments, 80% at the end of September (26th) and 20% in mid April.

I am assuming that I need to pay zakat on the amount I had received in September?

Also, I have a part ownership in a property as an investment, but now it is the only property that I own (even though it is not completely built yet). Do I have to pay zakat on the money for this property plus the money set aside for purchasing a house?

Answer

Muhtaram / Muhtaramah

 

In the Name of Allāh, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh.


Zakat is an annual Ibadat which is performed on a particular date. Zakat will be payable on all the monies in your possession on that particular date irrespective of your future intentions, e.g. purchasing a house.

With regards to the property that you are currently developing, if you have incurred any liabilities to develop it which are outstanding on the date of your zakaat calculations, these may be deducted.

 

And Allah knows best

Wassalam


Darul Iftaa, Madrassah In’aamiyyah


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