A man sold his house and placed its value in a shareholding, and now three years have passed without him receiving the value of the shareholding because it has not been sold yet; is there zakah on it?
Machine translationRead the Arabic original
The questioner : He says: Noble Shaykh, a man sold his house and placed its value in a shareholding. And now three years have passed without him receiving the value of the shareholding because it has not been sold yet; is there zakah on it? And if there is no zakah on it now, does he pay zakah for one year when he receives it?
The Shaykh : Yes. If he purchased land in it for the purpose of buying and selling for profit, then there is no doubt that there is zakah on it. But how does he pay zakah on it? When the lunar year for zakah arrives, he estimates the value of the land and his share of it, then he notes that he owes for this year, the year 1417, one thousand one hundred and seventy riyals as zakah on his share of such-and-such land. He is not required to pay it if he does not have cash, unless he sells it, in which case he pays zakah for the time that has passed. However, if he has cash, he must pay its zakah, because trade goods, like the rest of one's wealth, are combined with one another. Yes.
The Shaykh : Yes. If he purchased land in it for the purpose of buying and selling for profit, then there is no doubt that there is zakah on it. But how does he pay zakah on it? When the lunar year for zakah arrives, he estimates the value of the land and his share of it, then he notes that he owes for this year, the year 1417, one thousand one hundred and seventy riyals as zakah on his share of such-and-such land. He is not required to pay it if he does not have cash, unless he sells it, in which case he pays zakah for the time that has passed. However, if he has cash, he must pay its zakah, because trade goods, like the rest of one's wealth, are combined with one another. Yes.