A man has land or a house that is not for sale or trade, but he sometimes looks for a price increase and has no intention of selling at all; is zakah due on it?
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The questioner : Shaykh, if a man has land or a house that is not for real estate, not for sale, for example, or for trade, but he sometimes looks for a price increase, or someone comes who wants to buy the house and he looks to see if the value has increased or not, and he has no intention of selling at all, is zakah due on it?
The Shaykh : If the man is one who buys and sells in real estate, then zakah is due on it. But if he says, “I want to develop it, for example,” or “I want to keep my money in it,” and he did not intend trade, then there is no zakah on it. However, if he sells it, he pays zakah on its value if the year has completed.
The questioner : May Allah bless you.
The Shaykh : Yes, from the right.
The Shaykh : If the man is one who buys and sells in real estate, then zakah is due on it. But if he says, “I want to develop it, for example,” or “I want to keep my money in it,” and he did not intend trade, then there is no zakah on it. However, if he sells it, he pays zakah on its value if the year has completed.
The questioner : May Allah bless you.
The Shaykh : Yes, from the right.