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Zakah on piece of land for children

Al-Salam Alykum! I own a piece of land which I bought to keep for my children to build on in the future. Do I have to pay ZAKAH on it? If yes, how much do I have to pay of the land's price and do I have to pay ZAKAH on it annually (i.e. every year)? Shukran      Allah Yejzikom Al-Kheir.

All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) is His slave and Messenger.

There is no Zakat on this piece of land which you bought in order to build a house for your children on.

However, if you purchased this land for the purpose of trading with it and gain a profit from it, then it is considered as a tradeable item, in which case you are obliged to pay Zakat on it for all the previous years.

Allaah Knows best.

 

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