0
Answer from website: http://www.khalidzaheer.com/qa/709
Our understanding is that the law of Zakat given to us by the Prophet, has three categories: Zakat on livestock, production, and wealth. The details of each one of these categories is different. Zakat on wealth is applicable on all assets that are not in our daily use provided their combined value is more than the minimum threshold of nisaab . If there were exceptions to this rule during the times of the companions, there must have been reasons accompanying those exceptions. For example, in the case of land, it was either agricultural land that they had in their ownership, on which Zakat was paid in the form of Ushr or they had land which didn't carry value the way it does today. Even if land did carry value, it wasn't expressed in the form of price the way it is done now. Since plots of land in excess of one's need are very much a part of the total wealth people own today and they know their precise value, calculating Zakat to be paid on them is no problem today. There is no reason why Zakat shouldn't be paid on them today. It doesn't make religious sense that wealth owned in the form of gold and silver should be subject to Zakat but the same value stored in the form of plots should be exempt. God Almighty is neither against gold or silver nor is He in favour of land. He wants us to pay 2.5% Zakat every year on all
wealth we own. And it is only He who knows the best.
For example: http://www.islamicvoice.com/December.98/zakat.htm
Whether Zakat is Obligatory on PlotsQ.2. I had purchased 3 plots of land five years back, one for constructing a house to live in, second one for constructing shops and the third one for selling it. Have I to pay Zakat on all these every year? If I have to pay, is it to be paid on the cost of their purchase or according to the value of land every year as it varies?
Ans. Of the three plots, you have purchased, one is for the purpose of constructing a house to live in , on the price of that plot Zakat is exempted. You have to pay Zakat on the other two plots every year as per the market value each year. For example, if you have purchased the plot for Rs.50,000/= and now the market value of that plot is one lakh rupees, you have to pay Zakat on the amount equivalent to one lakh rupees only.
Conclusion:
If the intent is to own a plot for building a house for personal use in the future then Zakat is not obligatory on that plot. If plot is intended as an investment and for sale in the future when the market value is profitable, then zakat is obligatory on that plot for every year it remains under your ownership and to be calculated as 2.5% of the market value at the time of paying zakat.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
How old should you be to pay zakat?
I m paying zakat almost from fifteen years
Should zakat be paid every year on same gold?
yes of course so far you keep this gold as equivalent to money saving and not just for woman normal use.
What does zakat help to make?
The meaning of zakat is, buying the love of God. If you pay zakat you will get it seven times more than you paid.
Why zakat is paid?
to make balance , to make every person live in good way , to make rich people not love the money when they pay it , to refresh the economy ex: if rich people have Factories and all of them give zakat for poor people this people will pay it back to buy from this Factories
What is the point of zakah?
Paying Zakat is the fourth pillar of Islam. It must be paid if it is due.
A land purchased for saving purpose that is no profit is earned but its value rise yearly so zakat should be paid for it and if its is on wife's nameand she has no right to sell it who is to pay it?
Quite a complicated scenario.First make it clear that the person in whose name is the land is the real owner of the land and has full right to sell the land. It is not possible that the land is in wife's name and she has no authority to sell it. Such an arrangement is totally illegal in most parts of the world. And also, it is prohibited from the point of view of Islam. So the wife should have the right to sell the land if it is in her name.The zakat depends on the intention with which the plot is kept. If the intention is of making a profit by selling it after few years when its price has risen enough (This is probably what this case is ), then the Zakat is payable. However, if the intention is to make a house on that land or to use that land for PERSONAL agriculture or some other PERSONAL use, then Zakat is not to be paid.In all cases the zakat will be paid by the owner of the land who has the house in her name and has the right to sell the land.Still confused? Leave a commment on my Message Board.
Why is it said that zakat is a physical and financial act?
A person who pays Zakat earns the money by the sweat of his brow, it involves the physical aspect of it. As the money is paid to the poor and the needy, it involves its financial aspects.
Does a physician pay for malpractice insurance every month?
Malpractice Insurance comes on an annual term. It can be purchased and paid in full each year or it can be paid out monthly. It's your choice.
How much zakat should we pay?
There are two types of zakat: Zakat al-Fitr is distributed at the end of Ramadan. The amount is based on the number of dependents in the household. The purpose of it is to provide the poor with food for the feast. Ideally it is paid in the form of food, rather than cash. The other type of zakat is a percentage of a person's financial holdings throughout the year, and it must be paid once a year, although a person can any date he/she likes. Many people also like to pay this form of zakat in Ramadan, because acts of worship performed in Ramadan earn greater rewards. There are two types of zakat: Zakat al-Fitr is distributed at the end of Ramadan. The amount is based on the number of dependents in the household. The purpose of it is to provide the poor with food for the feast. Ideally it is paid in the form of food, rather than cash. The other type of zakat is a percentage of a person's financial holdings throughout the year, and it must be paid once a year, although a person can any date he/she likes. Many people also like to pay this form of zakat in Ramadan, because acts of worship performed in Ramadan earn greater rewards.
How do you find out if you purchased title insurance when you paid cash for property purchased in VA?
Look on your closing documents. They should itemize all the fees related to the transaction.
What is zakat and why do Muslims Patrice it?
Zakat (زكاة) is very similar to a Christian tithe; it is a percentage income tax that is paid to the mosque for redistribution to poorer Muslims, to maintain the mosque, and to promote Islamic activities. Sunnis typically pay zakat at the 2.5% rate whereas Shiites typically pay zakat at the 10% rate.As for why Muslims pay zakat, they do so because they see giving back to their community as being the will of God and a good deed in its own right.
Is defined as verifying that the supply or service purchased by the purchase account actually meets the minimum requirements of the Government and that the bill should be paid in full?
is defined as verifying that the supply or service purchased by the purchase account actually meets the minimum requirements of the Government and that the bill should be paid in full.
