Zakaat on an Additional House or Real Estate when it is rented out – Dr Zakir Naik
Epi_19_04
Yusuf Chambers: Thank you Dr. Zakir. The next question, Question no. 4, some people invest in real estate because they don’t want to invest in banks but they claim that the Zakaat on such wealth has to be paid only on its rent and not on its original value. What is your observation on this issue?
Dr. Zakir: As far as the view of the majority of the scholars is concerned, what they say that if the land has been purchased for selling so that you make a profit then all the scholars unanimously agree that Zakaat should be given on it as we discussed in the last answer.
That the moment one year is completed the land that you purchased Zakaat has to be paid on it. But if you have land and if you give it on rent, means if you buy a house and give it on rent, majority of the scholars say that Zakaat is not applicable on the value of the house. Zakaat is only applicable on the rent you receive, the moment you receive the rent and if it stays with you for a period of 1 year and if it’s above the Nisaab level then you have to pay Zakaat on the rent not on the value of the house, the flat or the land.
But now a days most of the people that purchase land for investment, they give it on rent so here we had a dilemma that people who purchase land mainly the purpose is investment but if they think that they’ll buy the land they’ll sell after 4-5 years when the price rises so but natural they don’t want to keep it vacant so they keep it on rent to a person who requires to stay in that flat.
Now what will happen, should we pay Zakaat or not? So here there is a difference of opinion, here scholars differ. Some scholars say that fine pay only Zakaat on the rent, if you possess for more than one year if it’s above the Nisaab level and when you sell it on that day only you pay the 2½% on the total value of the land. But there are some scholars who are very strict and who disagree with this view and they say that if you buy a land even if you give it on rent, the cost of the land the market value of that land of that flat should be paid every Hijri year. Scholars like Ibn Aqeel, they say this, Ibn ul Arbi, Ibn Aqeel who is a Hambali, Ibn ul Arbi who is a Malaki, Sahikh Abu Zohra who is a Hanafi, Abdul Rahman Al Hassan, Shaikh Abdul Waaf Khalaf who is presently very great scholar, Shaikh Yusuf Al Qardawi and scholars of the same group, they say that if a person buys and has many flats on rent then he should even pay Zakaat on the cost of that flat or of that land.
But for example if a person is a poor person and doesn’t have any income, doesn’t have any business and he has only 1 house which he is living in and second house which he gives on rent so unanimously people agree that the rent he acquires if his saving is more than the Nisaab level but there are many rich people who are land lords and who possess many houses, many flats which they give on rent, they own large properties and if we agree with the view of the majority of the scholars that Zakaat should be only paid on the rent…
#Zakaat #Additional #House #RealEstate #Rented
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