Assalamualaikum. I have land that I intend to sell, but only when the price of the land spikes which could only happen in a few years. Do I have to pay zakah on this land if I own it for a year? I am hearing conflicting views. Please clarify.
باسم الله والحمد لله والصلاة والسلام على رسول الله وعلى آله وأصحابه ومن والاه
Wa’alaykum Salam. May Allah bless you for enquiring and striving to ensure you look after the pillars of Islam.
According the vast majority of the fuqahaa (scholars of legislation), zakah must be paid on this land given the presence of an intention to sell, which in turn makes the land similar to merchandise that a bussiness-owner stores. Zakah applies to this sort of merchandise.
If however you are unsure between keeping the land to build on for personal use, or selling the land; no zakah will apply, as zakah is only compulsory on an asset that has been specified for sale (through intention) either immediately or in the future.
And Allah knows best