Intention to put one's residence up for sale: Is there zakah on it?
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The second question of the fatwa numbered ( 20887 )
Q2: I have a building that I put up for sale two years ago, not with the intention of trading, but I am living in it and renting it out. The reason I put it up for sale is that if I received a substantial, satisfying amount for it, I would sell it, and if I did not receive that amount, I would invest it by renting it out and continue living in it. However, eight months ago, I resolved to sell it, and the sale was completed. Now, is there zakah on it, or is the zakah on its value after the lunar year has passed?
A2: Zakah is obligatory on the building put up for sale upon the completion of the lunar year from the time of the intention to sell. It is to be appraised at its value upon the completion of the lunar year, and one-tenth of a quarter (2.5%) of its value is to be paid out. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q2: I have a building that I put up for sale two years ago, not with the intention of trading, but I am living in it and renting it out. The reason I put it up for sale is that if I received a substantial, satisfying amount for it, I would sell it, and if I did not receive that amount, I would invest it by renting it out and continue living in it. However, eight months ago, I resolved to sell it, and the sale was completed. Now, is there zakah on it, or is the zakah on its value after the lunar year has passed?
A2: Zakah is obligatory on the building put up for sale upon the completion of the lunar year from the time of the intention to sell. It is to be appraised at its value upon the completion of the lunar year, and one-tenth of a quarter (2.5%) of its value is to be paid out. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.