The rest house you intended to sell is from the goods of trade
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The second question of Fatwa No. ( 19842 )
Q2: About three years ago, I purchased an enclosed plot of land for (190,000 riyals), knowing that about half of the amount was paid by selling a car I had taken on installment from one of the companies that operate in this manner. The duration of this installment is four years, (2,560 riyals) each month, ending, if Allah wills, in the month of (4) of the year 1419 AH. I completed some of the annexes and appurtenances to make it a private rest house that I rent out at times, knowing that the completion of the construction was through funds (debt) most of which has not been paid. About two years ago, I decided to sell it so that I could pay off my debts, but until now I have not been successful in doing so. My question is: Is there zakat to be paid on it? Please clarify this, and what is the amount of zakat for each year? May Allah reward you with good.
A2: This rest house that you intended to sell is from the goods of trade, from the time you intended to sell it, and since you intended to sell it two years ago
then you must pay zakat on it for the past two years. You must appraise it at the completion of each lunar year and pay its zakat according to its value at the time of appraisal for each year. You pay one-quarter of a tenth of its monetary value along with the money you have, and distribute it to the poor and the needy. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q2: About three years ago, I purchased an enclosed plot of land for (190,000 riyals), knowing that about half of the amount was paid by selling a car I had taken on installment from one of the companies that operate in this manner. The duration of this installment is four years, (2,560 riyals) each month, ending, if Allah wills, in the month of (4) of the year 1419 AH. I completed some of the annexes and appurtenances to make it a private rest house that I rent out at times, knowing that the completion of the construction was through funds (debt) most of which has not been paid. About two years ago, I decided to sell it so that I could pay off my debts, but until now I have not been successful in doing so. My question is: Is there zakat to be paid on it? Please clarify this, and what is the amount of zakat for each year? May Allah reward you with good.
A2: This rest house that you intended to sell is from the goods of trade, from the time you intended to sell it, and since you intended to sell it two years ago
then you must pay zakat on it for the past two years. You must appraise it at the completion of each lunar year and pay its zakat according to its value at the time of appraisal for each year. You pay one-quarter of a tenth of its monetary value along with the money you have, and distribute it to the poor and the needy. 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.