I would like you to enlighten me on the way zakaat is calculated on land:
1. If the land is bought for business purpose but no business has started yet
2. If the land is bought for business purpose but is used for any other purpose
3. If the land is bought for residential purpose
In general, I would like to understand the zakaat mas’ala pertaining to land.
If a property is purchased for the purpose of resale then Zakaat will be liable on the market value of that property, but if the property is acquired for purposes other than for resale then zakaah will not be payable.
(Contempory fatawa, pg 97, Idara-e-Islamiat)
And Allah knows best.
Darul Iftaa, Madrasah Inaamiyya