Zakah on real estate properties
Assalam u Alaikum!!Presently I am living in my father’s house, as we are a joint family. I am planning to buy a home to live separate.For this purpose I have bought some property (land) for commercial purpose. My intention is sale this land with a good profit & with that money buy a home Insha Allah.For buying this land I used my savings, sold some gold of my wife and took some loan too from friends. Which I am repaying on a monthly basis, it’s a interest free loan, just like you borrow money from your relatives & friends.I am always paying Zakat for the total value of the gold no matter when I purchased it.This land I purchased in month of March 2005 and Final payment was made in month of August 2005.The percentage of investment is like this 40% from my saving 34% from borrowed money & 26% from selling of gold.My question is how much zakat do I have to pay for this land. On total value of the land, OR deducting borrowed money from actual value (means My investment + money from gold which I sold) OR only on my savings, which I used for buying this land.After selling this land with profit Insha Allah, I will buy a home, do I have to pay Zakat then? Or do I have to pay Zakat now or its waived in this case.In any case I will pay zakat for the remaining Gold, which is still with my wife.My second question is when we buy gold from market it is higher than what we get by selling the same gold (when selling we get less than market price). So which value we should consider for calculating Zakat, the buying or the selling one.