Factors that make Zakaat compulsory

Zakaat on property

Q:

  1. Is Zakat due on the current market value of the land or the original value at which it was bought given that the land is still in my possesion? Also the intention of buying this land is to build a house for personal use.
  2. In order to avoid Riba (interest) to buy a house without mortgage, I am intending to buy land(s) such that after few years I will buy a house for my own personal use after selling 1 or more lands. Is Zakat still due on this land(s)? If yes then on principal amount or current market value?

Zakaat on graded Mandela coins

Q: I have a few graded Mandela R5 coins (year 2000 and 2008) that I have acquired. They are legal tender, but because of their demand and rarity, I bought them for a few thousand rands. I purchased them with an investment intention. How do I pay zakaat on them?  The coins have no gold or silver in them.

Some Zakaat related Questions

Q: 

  1. Have a sum of money in a Credit Union (CTCL) as savings eg $15,000.00 and receiving divident annually?
  2. Have a saved sum of $10,000.00 in an insurance company for a term of 5 years. After completion of five years will receive $10,000.00 plus bonus for 5 years?
  3. Have a sum of money in FNPF (compulsory savings from governments salary for the job we do) and the governments adds some amount to it annually may be as interest/divident or bonus. 
  4. Have a house from which we receive rent as income,which we use to pay the rent of the house we staying in. 
  5. Could zakaat money be given to a person who is on a home loan for the house he is living in.He makes the payment of loan from his salary and also from the rent he receives from a flat attached to his house.
  6. Could zakaat money be given to a muslim person who married a converted muslim for the payment of the home loan in which they live, as both of them do not follow the muslim culture anymore. 
  7. Is it right (Halaal) or not. I am paying insurance for my ownself from my salary so that if I die due to some reason the sum insured could be given to my kids or life partner so that they do not find difficult financially for some time.Or if I have an accident the money could be given to me so that I can meet my own living expenses when I cannot earn anymore.

Zakaat on property

Q:

  1. If we have bought land at a cost of 10lakhs & we kept that land for a period of 6 years & then we sold at 26.5 lakhs. Do we have to give zakaat on that 6 years? Do we have to give zakat on the profit we got  from it? How much do we have to give 2.5%, less or more?
  2. If I have a property and no income is coming from that property then do I have to give zakaat on cost of that property?
  3. I have a house in which i am not living, but i rented that house. Do I have to give zakaat on the rent I am getting from that house?
  4. We have to give zakaat on gold no doubt. On what rate do we have to give zakaat? On the present rate or on the rate at which we bought it?