Is zakah obligatory on land prepared for development?

Question:
Is it permissible for one who has capital to place it in a piece of land without paying its zakah?

Answer:
If a lunar year has passed over the capital, he must pay its zakah. If he placed it in land before a lunar year had passed over it, intending to make it a residence or to build a structure on it for rental, there is no zakah on the land.
But if he rents out what he built on it, he must pay zakah on the rents when a lunar year has passed over them.
If he intended the land for sale, meaning he bought it for trade, he must pay zakah on it as trade zakah when a lunar year has passed over it and over the money he bought it with; he pays zakah on it if it is for trade, for sale.
As for if he bought the land to establish a residence on it, there is no zakah on it, or if he bought it to establish a shop on it for rental, there is no zakah on it, but he must pay zakah on the rent when a lunar year has passed over it.