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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.
What else can I help you with?
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.
When should zakat al-fitr be paid?
Zakat al-Fitr should be paid before the Eid prayer of Eid al-Fitr, which marks the end of Ramadan. It is a mandatory charity given by Muslims to help those in need during the holy month of Ramadan.
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.
Can you pay zakat in instalments?
Yes, Zakat can be paid in installments. This can be helpful if someone is not able to pay the full amount at once. However, it's best to make sure the full Zakat amount is paid within the same Islamic (lunar) year__ it becomes due. Paying in parts is allowed, but the full amount should be completed before the next Zakat year. This helps keep the Zakat obligation complete and on time. Some organizations, like Penny Appeal Canada, allow people to donate Zakat in monthly or custom amounts. According to their Zakat policy, 100% of the donation goes to people in need, with no money taken for administration. They also make sure the Zakat is given to those who are eligible, and they keep the funds in a separate bank account until it's used. Anyone who wants to give Zakat in installments or see which causes are eligible can visit their website: pennyappeal.ca/program/zakat/ If someone is unsure how to calculate their Zakat, it's a good idea to speak with a scholar or contact the organization for help.
Do you pay zakat on stocks as part of your financial obligations?
Yes, zakat is typically paid on stocks as part of one's financial obligations in Islam.
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 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.
