Zakah on rental property

My question is in relation to Zakaat. I have a fully paid of investment property on which I had collected rent, but now the unit has been sold so. On what should I give Zakaat? Secondly, I have another investment house that is still under the bank. Should I give Zakaat on that?

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 is His slave and Messenger. We ask Allaah to exalt his mention as well as that of his family and all his companions.

If these properties are for trade, then it is obligatory to give their Zakah according to the rule of "Articles of trade". In other words, you have to evaluate them and if their value reaches Nisaab (minimum amount eligible for Zakah = 85 gram of gold) and such property has been under your possession for one full lunar year (Hawl), it is your duty to pay 2.5% every lunar year.

If these real estates are just for rent, it is your duty to pay 2.5% of their revenues incase of reaching Nisaab (alone or with other property) and being under your possession for one lunar year.

In case of selling them all or some and the price reaches the Nisaab and remained under your control for a Hawl, then Zakah becomes obligatory. Otherwise, there is no Zakah unless such estate is meant for business, then its Hawl is the Hawl of the whole estate.

If one purchases a house on credit or in installments or by any other means and it is meant for housing, then there is no Zakah on it. But, if it is meant for rent, then its revenues are subject to Zakah according to the two conditions, Nisaab and Hawl, regardless of being on credit or in installments. So, you have to deduce what is equal to the debt and then pay Zakah on the remainder. This is the opinion of the majority of scholars. However, if you have other wealth on which you don’t have to pay Zakah, such as cars, furniture, house and so on that are more than you need essentially, here it becomes your duty to pay the Zakah of the rent of your house in full, i.e. without deduction, since you can sell some of your property to settle your debts.

Allaah knows best.