Title: Zakat on Property

Question: I sold my house in 2013, the amount which I got I used in two things: (1) I purchased house on loan and (2) I purchased shop. The possession of the shop I got one year back and the purpose to purchase the shop is if I got good amount then I will sell it and I will purchase one more house because we are three brothers so we need three houses. My question is that if I have to pay zakah on my shop then how should I calculate it. Kindly guide me.

Answer ID: 68588Posted on: Aug 30, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 1031/984/B=12/1437)

If you have bought the shop with the intention of selling then the shop became business property for you. You will have to pay fortieth part of the amount in zakah which might be the price of similar shop. You and both of your brothers i.e. the trio shall share it.