Factors that make Zakaat compulsory

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?

Zakaat on Money Returned by a Supplier

Q: If I transferred monies 3 years ago to a supplier overseas, and until now, the supplier has not sent me the goods nor has he returned my money up until now, do I have to pay zakaat on this money. The money is sitting with him 3 years and he might return the money within a month? Do I have to pay zakaat on this money which is not in my possession for 3 years now?

Zakaat on Various Bank Schemes

Q: Can you please advise the correct procedure for calculating Zakaat in the following situations?

  1. Murabaha Car Loan From Albaraka Bank

  2. Musharaka House Loan From Albaraka Bank for Investment Purposes

  3. Musharaka House Loan From Albaraka Bank for Personal Use

Is the total outstanding loan deducted, the loan for the year deducted or the loan for the month?

And do you first calculate how much of the property you own according to the Albaraka property share and pay zakaat on that portion only?

Zakaat If Less Than One Year Passes On The Wealth

Q: By the time of Ramadhaan when my zakaat becomes payable I will still have in my possession the money for the flights, qurbaani and spending money, none of which will have been in my possession for longer than one year, will zakaat be payable on all these monies in my possession? I have always been under the impression that zakaat is only payable if the money, jewellery, etc., is in your possession for at least one year at the designated date that one would normally pay zakaat. However, I was recently told that it would be payable if it is in your possession as at that date irrespective of the period or when it was received.