Zakat on Plot of Land
Posted: 18 Safar 1424, 20 April 2003
|Q.) I bought a plot last year with intention of keeping and building a house on it. That's why I did not pay Zakat on it last Ramadan. Now, I got a good offer, so I sold it. Do I have to pay Zakat on it now or wait till next Ramadan?|
A.) There was no Zakat on the plot. Now that you sold the plot, the laws of Zakat will apply on the proceeds of the sale. If one year passes on the amount, then Zakat will be compulsory.
If you already have a Zakatable amount, then this acquired amount will be joined to that amount and be Zakatable together, when one year of the original amount expires even though one year did not pass on this acquired amount.