Is zakat payable on property for which payment has been made but possession not yet given by the builder : LUSENET : Zakbt : One Thread

I paid full amount for booking a shop to a builder in his commercial complex three years ago. Still the building is under construction and is nearing completion. The builder intends to handover the shop to me early next year. Currently I am employed somewhere else and this act of booking the shop was for investment purpose. Is Zakat applicable on the amount paid to the builder? If applicable, should I pay Zakat for the last three years? Kindly advise.

-- Muhammad Munir (, October 22, 2002

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