Zakah on land prepared for construction

Question : The questioner says: I had a sum of money, and before a lunar year had passed over it, I bought a piece of land. I also borrowed some money from my father to buy it. Is there zakah on it? And if land is bought with a sum of money on which a lunar year has passed, but he intends to build on it, is there zakah on it or not?

Answer : Land that a person buys to build a house on for his own residence, or to build a house on to rent out, has no zakah on it. This is because what a person prepares for his own residence has no zakah on it, and what he prepares for renting out has no zakah on it; rather, the zakah is on the rent. Accordingly, if a person has many large properties that he rents out for millions, he owes no zakah on these properties, but only on the rent he receives from them. So this man who bought land and borrowed the price of it, or part of it, from his father, as long as he does not want it for trade, but only wants it to build a house on, he owes no zakah on it.