Q: I had a query with regards to Zakaat. The query involved the acquisition of land/property as an investment. A bond was taken out to acquire the property/land and a deposit was also paid. The property is currently being rented, thus generating an income. I am not to sure about the amount of time this land/property has been generating an income as I don't have that information at hand. Is Zakaat on this land/ property payable and if so, how would it be calculated?
A: There is no zakaat on land/property/buildings etc. Zakaat is only levied on cash, gold and silver in any form, livestock, and trade-stock
Mufti Siraj Desai