Question
A person rents out flats, is zakaat payable on the flats. If so, on the market value of the flat or the purchase price of the flats?
Answer
There is no zakaat payable on the value of the flats, unless it was intended for resale. Zakaat is not applicable on property for rental, however zakaat will be payable on the rental income. If the rental income has been used up during the course of the Zakaat year, then Zakaat is not payable on that which has already been spent.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 27 No 06
- PDF page
- 7
Appears under THE 15th SHA’BAAN (approximate).