Zakaat on a property purchased

Q: I purchased a house five years back using our company's house loan policy. After five years the company offered us to take the top-up on the loan based on the current market value of the house. Now with that top up money I purchased another plot.

My question is; do I need to pay zakaat on the land I had purchased? If yes then what is the method, should I take the current market value of the plot for calculating zakaat or should I take the amount I paid as an installment against the top up?

A: No.

And Allah Ta'ala (الله تعالى) knows best.


Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)